ECS1501 ASSIGNMENT 1 (QUIZ) 2026 – ALL CORRECT ANSWERS PROVIDED (DUE 4 MAY 2026)

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ECS1501 Assignment 1 (Quiz) Memo | Due 4 May 2026. All correct answers provided. Which one of the following statements is incorrect?
Economics attempts to satisfy unlimited wants.
Economics is the study of money.
Economics can be described as the study of choice.
Economics is concerned with scarcity
Economics cannot be defined as the study of money. It is concerned with the economic choices and decisions made by
businesses, government and individuals. Economics is the study of how scarce resources are allocated to satisfy wants.
Because businesses, individuals and government have unlimited wants, whereas resources are limited, we have to make
choices on how to use the scarce resources to satisfy unlimited wants.