Which of the following represents the basic concept of economics? Scarcity is always a function of a resource exceeding demand Utility is a measure of how much someone will pay for a particular good based on need Scarcity exists and utility is a reliable measure of how useful something is to someone Utility exists and scarcity is a reliable measure of how useful something is to someone. Question 15 (1 point) Saved What is economics? The study of a government's distribution of resources The study of a society's allocation of resources The study of buying and selling in the stock market The study of consumers' spending habits Question 16 (1 point) Saved is the study of business and consumers, while is the study of the economy as a whole. Consumer economics; macroeconomics