Economics is defined as the study of:

Question

Quizplus · Accepted Answer

Economics is the study of how society manages its scarce resources, including the production, consumption, and allocation of goods and services. It is concerned with the choices made by individuals, businesses, and governments to allocate resources to their best possible use in order to satisfy unlimited wants and needs, given the limited supply of resources. Politics, central planning, and government regulation may be elements of economics, but they are not the overarching focus of the field.

Economics Is Defined as the Study Of