Economics is
A) a discipline in the physical sciences
B) a field that deals exclusively with normative issues
C) a field that deals exclusively with positive issues
D) only useful for examining behavior in capitalist economies
E) a discipline that focuses on how choices are made in society

Question

Quizplus · Accepted Answer

Economics is a social science that focuses on how individuals, households, businesses, and governments make choices when faced with scarce resources. It encompasses both positive (descriptive) and normative (prescriptive) aspects of decision-making in society, and is not limited to capitalist economies but rather applies to any economic system.

Economics Is