Which one of the following is the most accurate definition of economics?
A) Economics is the study of stocks and bonds.
B) Economics is the study of how people allocate unlimited resources.
C) Economics is the study of how consumers choose to spend their income.
D) Economics is the study of how society chooses to allocate scarce resources.

Question

Quizplus · Accepted Answer

Economics is concerned with the allocation of scarce resources among competing uses. This involves both the production of goods and services (using those resources) and the distribution of those goods and services (among different individuals and groups). Economics considers how societies make decisions about the use and distribution of resources, and how those decisions affect the overall welfare of society.

Which One of the Following Is the Most Accurate Definition