Which statement most accurately defines economics?
A)Economics is the study of how people make money.
B)Economics is the study of how people make choices to satisfy their wants.
C)Economics is the study of values a society should choose.
D)Economics is the study of how to eliminate scarcity.

Question

Quizplus · Accepted Answer

Economics is concerned with how individuals and societies allocate their scarce resources to satisfy their unlimited wants and needs. It involves analyzing the choices that individuals, businesses, and governments make, and the consequences of those choices on the economy. While money is a part of economics, it is not the focus of the discipline.

Which Statement Most Accurately Defines Economics