In the broadest sense,economics is the study of
A)production methods.
B)how society manages its scarce resources.
C)how households decide who performs which tasks.
D)the interaction of business and government.

Question

Quizplus · Accepted Answer

Economics is concerned with how societies allocate their scarce resources among competing uses in their quest to satisfy unlimited wants and needs. This includes the study of production, consumption, distribution, and exchange of goods and services. Therefore, the best choice is B, which correctly defines the broadest sense of economics. The other options are too narrow or specific to fully capture the multiple dimensions of the subject matter.

In the Broadest Sense,economics Is the Study of