Which of the following is the best definition of economics?
A) It studies human behaviour when scarcity exists and choices must be made.
B) It provides the only reasonable explanation of how people make decisions.
C) It can accurately explain all human behaviour because it is based on the assumption of rationality.
D) It is the only social science that can explain the existence and behaviour of public institutions.

Question

Which of the following is the best definition of economics?  
A) It studies human behaviour when scarcity exists and choices must be made. 
B) It provides the only reasonable explanation of how people make decisions. 
C) It can accurately explain all human behaviour because it is based on the assumption of rationality. 
D) It is the only social science that can explain the existence and behaviour of public institutions.

Quizplus · Accepted Answer

The Answer is A

Which of the Following Is the Best Definition of Economics