Economics is best defined as the social science that studies
A) how choices made in the social interest must conflict with choices made in the self-interest.
B) how a person can get everything he or she wants.
C) the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity.
D) the reason money exists.
E) the way to eliminate choices in our decisions.

Question

Quizplus · Accepted Answer

Economics is primarily concerned with the study of how societies, as well as individuals and institutions within those societies, make choices in the face of scarcity. It is concerned with the allocation and distribution of resources and goods, and aims to understand how different economic systems operate and how they can be improved. While there may be conflicts between choices made in the social interest and the self-interest of individuals or groups, this is not the defining feature of economics. Similarly, while money is an important concept in economics, it is not the reason that the field exists. Finally, economics is not concerned with eliminating choices, but rather with understanding how choices are made and how they can be improved.

Economics Is Best Defined as the Social Science That Studies