Economics is best defined as the study of how
A) to classify resources used to produce final goods and services.
B) resources are apportioned to satisfy human wants.
C) modern businesses have grown and prospered.
D) technology can be used to change scarce resources into free resources.
E) pure capitalism has become the best system for satisfying basic human wants.

Question

Quizplus · Accepted Answer

Economics is concerned with how societies allocate scarce resources to satisfy unlimited wants. This involves studying production, distribution, and consumption of goods and services, as well as the behavior of individuals, businesses, and governments in the economy. Economics is not solely focused on businesses or on a specific economic system like pure capitalism.

Economics Is Best Defined as the Study of How