Which of the following is the best definition of economics?
A) Economics is the study of how to manage corporations to generate the greatest return on shareholder investment.
B) Economics is the study of how to manage city and country government to generate the greatest good to its citizens.
C) Economics is the study of how society chooses to allocate its scarce resources.
D) Economics is the study of how to track revenues and costs within a business.

Question

Quizplus · Accepted Answer

Economics is the study of how society chooses to allocate its scarce resources, which include not only monetary resources, but also natural resources, time, and human effort. It is concerned with how people make decisions in the face of scarcity, and how those decisions affect the production, distribution, and consumption of goods and services. None of the other choices given capture the full scope of economics.

Which of the Following Is the Best Definition of Economics