Economics is often described as:
A)the science of choice.
B)the science of constrained choice.
C)the science of supply and demand.
D)the science of market forces.

Question

Quizplus · Accepted Answer

Economics is the science that studies how individuals, businesses, and governments allocate scarce resources to satisfy their unlimited wants and needs. Since resources are limited, people must make choices, and those choices are often constrained by factors such as available resources, technology, and social norms. Therefore, economics is often described as the science of constrained choice. Economics is the science of constrained choice because it studies how people make choices when faced with limited resources or constraints. While it also studies supply and demand and market forces, these are just specific areas within the larger field of economics.

Economics Is Often Described As