Economics is best defined as the study of how:
A)individuals decide to use scarce resources in an attempt to satisfy their unlimited wants.
B)individuals can make money.
C)the government should deal with unemployment and inflation.
D)to eliminate the problem of scarce resources.
E)to run a business.

Question

Quizplus · Accepted Answer

Economics is focused on the allocation of scarce resources, meaning that individuals must make choices about how to use these resources to fulfill their unlimited wants and needs. It is not solely focused on making money, nor is it solely concerned with government policy or eliminating scarcity altogether. Running a business may involve economic principles but it is not the primary focus of economics as a field of study.

Economics Is Best Defined as the Study of How