Economics is a social science that primarily explores how:
A)businesses market products under competitive conditions.
B)stock and bond prices fluctuate when there are changes in demand or supply.
C)the government allocates its budget among competing political interests.
D)goods and services are produced and distributed in a world with limited resources.
E)high employment and low inflation levels can be maintained.

Question

Quizplus · Accepted Answer

Economics focuses on the production and distribution of goods and services in a world with limited resources, which is the central idea of scarcity. This involves analyzing how individuals, firms, and governments make decisions about what to produce, how to produce it, and for whom to produce it. The other choices are important topics within economics, but they do not encompass the entire field.

Economics Is a Social Science That Primarily Explores How