Economics is the study of
A) how to own as many resources as possible.
B) ceteris paribus.
C) the way people think rather than the way they act.
D) how people allocate their limited resources to satisfy their unlimited wants.

Question

Quizplus · Accepted Answer

Economics is concerned with the allocation of limited resources to satisfy unlimited human wants. It is a social science that studies how individuals, businesses, governments, and societies make decisions about how to use resources to fulfill their objectives. Economics does not focus on owning as many resources as possible, the concept of ceteris paribus is a Latin phrase which means "other things being equal" and is used in economic theories to isolate the impact of a specific variable, and economics considers both the way people think and act.

Economics Is the Study of