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 mange 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. This definition covers the broad scope of economics and its focus on the allocation of resources, including both individual and societal decision-making, and the impact of economic systems on the distribution of resources. The other choices (A, B, and D) are too narrow in their focus and do not fully capture the essence of economics.

Which of the Following Is the Best Definition of Economics