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ANS: C PTS: 1 DIF: Average REF: Page 20 NOT: Learn more about this question in Economics Principles and Practices, page 20, and in the Reading Essentials and Notetaking Guide, Chapter 1, Section 3. Economics is the study of how societies use limited resources to fulfill their wants and needs. STUDY. 2. Chapter Section Print Study Resources Media Study Resources ... Key Concepts in Economics Text. Keynes, shown in Figure 1, famously wrote in the introduction … Chapter 1 Practice Test Answer Section MULTIPLE CHOICE 1. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Micro Chapter 1 What is Economics? 3.) Learn. Write. Economics is the study of how people try to satisfy what appears to be seem-ingly unlimited and competing wants through the Learn. kennedy_smith8. Economics Chapter … Flashcards. Economics Chapter 1 Test. limited quantities of resources to meet unlimited wants ... the way a society answers the what, how, and who questions. 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