Which statement most accurately describes economics?

Question

Quizplus · Accepted Answer

Economics is the study of how people make decisions or choices in allocating scarce resources to satisfy their unlimited wants, hence Option B is the most accurate statement. The concept of scarcity is the foundation of economics, and economists analyze how people use resources to obtain the maximum benefit or utility. Option A is too narrow since economics encompasses more than just earning money. Option C is incorrect as economics is the study of how choices are made, not what should be chosen. Option D is impossible since scarcity is inherent in any society due to limited resources and unlimited wants.

Which Statement Most Accurately Describes Economics