Which of the following best defines economics?
A) an investigation of the quantities and prices of the various goods produced by the nations of the world
B) a study of why inflation and unemployment periodically plague the Canadian economy
C) an analysis of how individuals and societies deal with the problem of scarcity
D) an examination of the role of money in the economy

Question

Which of the following best defines economics?  
A) an investigation of the quantities and prices of the various goods produced by the nations of the world 
B) a study of why inflation and unemployment periodically plague the Canadian economy 
C) an analysis of how individuals and societies deal with the problem of scarcity 
D) an examination of the role of money in the economy

Quizplus · Accepted Answer

Economics is the study of how individuals and societies deal with the problem of scarcity. It involves analyzing how goods and services are produced, distributed, and consumed given limited resources. While topics such as inflation and unemployment are important in economics, they are not the defining focus of the field. Similarly, while money plays a role in the economy, it is not the sole or primary focus of economics.

Which of the Following Best Defines Economics