As a discipline,economics is best described by which of the following?
A) the study of how to control the effects of government actions
B) the study of how to control the preferences of consumers so that there will be enough resources to produce all the goods and services that consumers want
C) the study of how to use scarce resources to satisfy unlimited wants and needs
D) the study of how to dispose of excess goods and services that nobody wants
E) the study of how to maximize profits for firms

Question

Quizplus · Accepted Answer

Economics is primarily the study of how to allocate scarce resources among different uses in order to satisfy unlimited wants and needs. This is central to the study of microeconomics, which focuses on the behavior of individuals and firms within markets. Macroeconomics is concerned with the overall functioning of the economy, including issues like inflation, unemployment, and economic growth. None of the other choices accurately reflect the scope and purpose of economics as a field.

As a Discipline,economics Is Best Described by Which of the Following