The range of topics,or issues,that fit within the definition of economics is
A) limited to market activities,e.g. ,buying soap.
B) limited to individuals and firms.
C) extremely wide,requiring only the ideas of choice and scarcity.
D) limited to governments and nations.
E) very limited.

Question

Quizplus · Accepted Answer

The definition of economics revolves around the concepts of choice and scarcity, which can be applied to a wide range of topics and issues. Economics is not limited to market activities or specific actors such as individuals, firms, or governments, but can be used to analyze and understand various phenomena in society, ranging from the allocation of resources to the distribution of income and wealth. Thus, the correct answer is that the range of topics that fit within the definition of economics is extremely wide.

The Range of Topics,or Issues,that Fit Within the Definition of Economics