The study of economics
A) is a very narrow endeavor.
B) is a way of analyzing decision-making processes caused by scarcity.
C) is concerned with proving that capitalism is better than socialism.
D) focuses on how a business should function.

Question

Quizplus · Accepted Answer

Economics is the study of how individuals, businesses, governments, and societies make choices on allocating resources to satisfy their wants and needs, trying to understand how these groups should organize and coordinate efforts to achieve maximum output. Economic analysis often involves considering costs and benefits to understand decision-making in the face of scarcity.

The Study of Economics