Which of the following best defines economics?
A)Economics is concerned with prices and quantities of goods and services,both at the individual level and at the industry level.
B)Economics helps you earn as much money as possible.
C)Economics studies how to choose the best alternative when coping with scarcity.
D)Economics analyses all aspects of human behaviour in general.
E)Economics teaches how to limit our wants.

Question

Quizplus · Accepted Answer

Economics is the study of how resources are allocated among competing needs and wants. Since resources are often limited while needs and wants are unlimited, economics is concerned with how choices are made in the context of scarcity.

Which of the Following Best Defines Economics