Of the following, economics may best be defined as the study of:
A)how to stretch the family dollar.
B)how to make money in the stock market.
C)the interpretation of scarce data.
D)how scarce resources are used to produce various goods allocated among individuals in society.
E)why resources are as scarce as they are.

Question

Quizplus · Accepted Answer

Economics is defined as the study of how scarce resources are used to produce various goods allocated among individuals in society. It deals with the production, distribution, and consumption of goods and services. The other options, such as stretching the family dollar or making money in the stock market, are more specific and narrow areas of study within economics.

Of the Following, Economics May Best Be Defined as the Study