Which of the following best defines economics?
A) Economics teaches how to limit our wants.
B) Economics studies how to choose the best alternative when coping with scarcity.
C) Economics helps you earn as much money as possible.
D) Economics analyzes all aspects of human behavior in general.
E) Economics is concerned with prices and quantities of goods and services, both at the individual level and at the industry level.

Question

Quizplus · Accepted Answer

Economics is fundamentally the study of how societies deal with scarcity. Scarcity means that resources are limited and cannot meet all of our wants and needs. Therefore, economics is concerned with how people make choices when faced with limited resources, and how those choices affect the production, distribution, and consumption of goods and services. This makes B the most accurate definition of economics.

Which of the Following Best Defines Economics