Economics is best described as the
A)study of choice when scarcity exists
B)study of the production of goods and services
C)theory of consumer behavior
D)science of money
E)art of spending money wisely

Question

Quizplus · Accepted Answer

Economics is primarily concerned with allocating scarce resources to satisfy unlimited wants and needs. This requires choices to be made, and economics is the study of those choices. Although production, consumer behavior, and money are all important topics within economics, they are ultimately tied to the fundamental concept of scarcity and the choices we make in response to it.

Economics Is Best Described as the