Economics can be defined as the study of
A)For whom resources are allocated to increase efficiency.
B)How society spends the income of individuals.
C)How scarce resources are allocated on a macro level to best meet society's goals or on a micro level to best meet an individual's or firm's goals.
D)None of the choices are correct.

Question

Quizplus · Accepted Answer

Economics is the social science that studies how scarce resources are allocated to best meet society's goals or on a micro level to best meet an individual's or firm's goals. This includes the study of production, distribution, and consumption of goods and services. Economics is not just about money, but also about the trade-offs that must be made due to scarcity.

Economics Can Be Defined as the Study of