This statement is True. Economics indeed focuses on how individuals, businesses, and societies make choices regarding the allocation of limited resources to meet their unlimited wants and needs.
The essence of economics lies in understanding the trade-offs and opportunity costs that come with these choices. Since resources such as time, money, and materials are limited, economics helps us analyze how to best use these resources to achieve our goals. It covers various aspects such as production, consumption, and distribution of goods and services, ultimately aiming at improving overall welfare.
In summary, the statement captures the fundamental principle of economics: managing scarce resources to satisfy the endless wants of people.