Economics is the social science that studies
A) the real reasons people buy goods and services.
B) the psychology of individuals and businesses.
C) whether a nation has enough natural resources.
D) how people make choices to cope with scarcity.
E) how choices made in the social interest could eliminate scarcity.

Question

Quizplus · Accepted Answer

Economics primarily studies how people allocate scarce resources to satisfy their unlimited wants and needs. It is concerned with the choices people make, the factors that influence those choices, and the consequences of those choices. The study of economics focuses on analyzing the production, consumption, and distribution of goods and services, and how individuals, businesses, and governments make choices to allocate resources efficiently. Therefore, option D is the most appropriate answer.

Economics Is the Social Science That Studies