What is the way a nation makes choices about how do you use its resources?

Economics Chapters 1 and 2 A B economics the study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants. economic system way in which a nation uses its resources to satisfy its people’s needs and wants. economy the production and distribution of goods and services in a society Click to see full answer. Keeping this in consideration, what are three questions nations ask to define their economic system? Because ALL economic resources are scarce, every society must answer three questions: What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services? Likewise, why do societies need to make choices about distributing resources? A: People are forced to make many decisions about distributing resources because in life a person needs to know how to handle money. A person must learn to separate the things they need and they things they want. It is important to learn this so that a person can be responsible with their spending. Also know, which term is used to describe the study of how people make decisions in a world where resources are limited? Economics is the study of how we make decisions in a world in which resources are limited. The study of economics will help you think about the process of making decisions. Economics is also the study of how things are made, bought, sold, and used.Why is scarcity an important concept in economics quizlet?The concept of scarcity is important to the definition of economics because scarcity forces people to chose how they will use their resources in an attempt to satisfy their unlimited wants and desires. Economics is about making choices. Without scarcity there would be no economic problem.