Economics is BEST defined as

Question

Quizplus · Accepted Answer

Economics is fundamentally about making choices in the face of scarcity. It studies how individuals, businesses, governments, and societies allocate their scarce resources to satisfy their unlimited wants. Choices B reflects this definition accurately, emphasizing the concept of scarcity and the necessity of making choices, which is central to economic theory. Choices A, C, and D either narrow down the scope of economics to specific activities or misrepresent the nature of resources and wants.

Economics Is BEST Defined as