Which of the following statements best describes the study of economics? Economics studies how
A)businesses reach decisions.
B)we make choices in the face of scarcity.
C)firms make profits.
D)to organize production so that scarcity does not occur.
E)to create incentives so that scarcity does not exist.

Question

Quizplus · Accepted Answer

Economics is the study of how individuals and societies make choices about ways to use limited resources to fulfill their wants and needs, which is fundamentally about making choices in the face of scarcity.

Which of the Following Statements Best Describes the Study of Economics