Which of the following is the best definition of the study of economics?
A) the study of how individuals decide to use scarce resources in an attempt to satisfy their unlimited wants
B) the study of how to make money
C) the study of how the government should deal with unemployment and inflation
D) the study of how to run a business

Question

Which of the following is the best definition of the study of economics?  
A) the study of how individuals decide to use scarce resources in an attempt to satisfy their unlimited wants 
B) the study of how to make money 
C) the study of how the government should deal with unemployment and inflation 
D) the study of how to run a business

Quizplus · Accepted Answer

Economics is the study of how people make choices when faced with limited resources and unlimited wants. It explores the production, distribution, and consumption of goods and services, and how individuals, businesses, and governments allocate resources to meet their needs and wants. Option B, C, and D are not accurate definitions of economics.

Which of the Following Is the Best Definition of the Study