Which of the following best describes economics?
A) It is the study of choice when scarcity exists.
B) It is the study of the production of goods and services.
C) It is the science of money.
D) It is the art of spending money wisely.

Question

Which of the following best describes economics?  
A) It is the study of choice when scarcity exists. 
B) It is the study of the production of goods and services. 
C) It is the science of money. 
D) It is the art of spending money wisely.

Quizplus · Accepted Answer

Economics is the study of how individuals, businesses, governments, and societies allocate limited resources to satisfy unlimited wants and needs. This involves making choices, as scarcity means that not all wants and needs can be met. Economics is not just about money or production, but also about consumption, distribution, and exchange. Therefore, the best description is A.

Which of the Following Best Describes Economics