A common definition of economics is that it is the study of:
A) the allocation of scarce resources to competing wants.
B) maximizing net personal disposable income.
C) the factors underlying financial markets.
D) maximizing personal financial wealth.

Question

Quizplus · Accepted Answer

This definition accurately describes the core focus of economics as a social science - the study of how societies allocate scarce resources to meet competing wants and needs. Options B, C, and D are not comprehensive enough to capture the breadth of the subject matter in economics.

A Common Definition of Economics Is That It Is the Study