Economics is defined as the social science that studies
A) how a person can get everything he or she wants.
B) the reason money exists.
C) the way to eliminate choices in our decisions.
D) the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity.
E) how choices made in the social interest must conflict with choices made in the self-interest.

Question

Quizplus · Accepted Answer

Economics is the study of how societies allocate scarce resources among competing needs and wants. This involves analyzing decision-making by individuals, businesses, and governments as they try to satisfy their unlimited wants with limited resources. Therefore, D is the best choice as it accurately defines the purpose of economics.

Economics Is Defined as the Social Science That Studies