Economics is the study of
A)how to get rich by playing the stock market
B)the best ways to reduce people's wants, given the scarcity of resources
C)how rational government officials determine what goods should be produced
D)money and why it is good
E)how people use limited resources to try to satisfy unlimited wants

Question

Quizplus · Accepted Answer

Economics is primarily concerned with studying how individuals and societies use scarce resources to satisfy their unlimited wants. Therefore, option E is the correct answer as it accurately describes the central focus of economics. The other options are either incorrect or incomplete descriptions of what economics is.

Economics Is the Study of