Economics is best defined as the study of:
A) how consumers make purchasing decisions.
B) choices made by people faced with scarcity.
C) inflation, unemployment, and economic growth.
D) financial decision- making.

Question

Quizplus · Accepted Answer

Economics is the study of how individuals, businesses, governments, and societies make choices about how to allocate scarce resources to satisfy their unlimited wants and needs. Scarcity is a fundamental concept in economics, and it refers to the idea that there are finite resources available to meet unlimited wants and needs. Therefore, economics is concerned with the study of how people make choices in the face of scarcity.

Economics Is Best Defined as the Study Of