Economics is best defined as the study of
A) prices and quantities.
B) inflation and interest rates.
C) how people make choices under the conditions of scarcity,and the results of the choices.
D) how to make money.
E) wages and incomes.

Question

Quizplus · Accepted Answer

Economics is focused on studying how individuals and society allocate scarce resources to satisfy unlimited wants and needs. It is concerned with the choices people make to maximize their benefits and the resulting outcomes of those choices. While prices, inflation, interest rates, wages, and incomes are all relevant to economics, they are not the central focus. Making money is also not the primary purpose of economics, although it can be an outcome of economic activity.

Economics Is Best Defined as the Study of