Economics is the study of how people:
A) vote for political leaders who decide what is to be produced.
B) make choices to produce and consume goods and services.
C) establish social institutions that maximize well-being.
D) develop value systems that affect their consumption choices.

Question

Quizplus · Accepted Answer

Economics is the study of how individuals and societies make choices about how to allocate scarce resources to fulfill their unlimited wants and needs. This includes studying the production, distribution, and consumption of goods and services. While social institutions and value systems may play a role in economic decision making, at its core, economics is about the choices we make to produce and consume goods and services. Voting for political leaders may have an impact on economic policies, but it is not the primary focus of economics.

Economics Is the Study of How People