Economics is best 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 primarily concerned with the choices that societies and individuals make in allocating scarce resources. It studies how different individuals, households, firms, and governments make decisions to allocate resources efficiently to satisfy their wants and needs. Furthermore, economics also involves the study of the production, consumption, and distribution of goods and services in the economy.

Economics Is Best Defined as the Social Science That Studies