Making decisions with scarce resources is referred to as what?

The correct answer, "Economics," is rooted in the fundamental principles of how societies allocate limited resources to satisfy unlimited wants and needs. Economics encompasses the study of choices made in the face of scarcity, which is a central theme within both microeconomics and macroeconomics. It explores various aspects such as resource allocation, cost-benefit analysis, and the implications of supply and demand on decision-making.

When dealing with scarce resources, individuals or organizations must prioritize their needs and make informed decisions regarding the allocation of those resources to achieve desired outcomes. This aligns directly with key economic concepts, such as opportunity cost and trade-offs, reinforcing the idea that economics is fundamentally about choosing the best possible options among limited alternatives.

The other options focus on different aspects of management and organizational processes. Organizing pertains to structuring resources and tasks to achieve objectives, while planning involves outlining steps to reach specific goals. Management competency refers to the skills and knowledge that individuals possess to effectively manage resources and make strategic decisions. While these concepts are related to decision-making, they don't specifically address the core issue of resource scarcity in the way that economics does.