Which of the following is a characteristic or focus of economics?
A) allocation of limited resources in an effort to satisfy potentially unlimited wants
B) positive economic analysis
C) empirical analysis
D) all of the above

Question

Quizplus · Accepted Answer

All three options are characteristics or focuses of economics. Economics is concerned with how to allocate limited resources to satisfy unlimited wants. Positive economic analysis involves analyzing economic relationships without making value judgments, while empirical analysis involves testing economic theories or models using real-world data.

Which of the Following Is a Characteristic or Focus of Economics