Which of the following statements provides the best definition of economics?
A)The study of the most equitable distribution of scarce resources.
B)The study of the use of scarce resources to satisfy unlimited human wants.
C)The study of the production of goods and services.
D)The study of the productive capacity of a nation's factors of production.
E)The study of production and increasing its efficiency.

Question

Quizplus · Accepted Answer

Economics is the study of how people make choices in a world of scarcity. Resources are finite, but people's wants and needs are infinite. This forces people to make choices, and economics studies those choices.

Which of the Following Statements Provides the Best Definition of Economics