The best definition of economics is
A)how choices are made under conditions of scarcity.
B)how money is used.
C)how goods and services are produced.
D)how businesses maximize profits.

Question

Quizplus · Accepted Answer

Economics is the study of how people make choices under conditions of scarcity. Scarce resources mean that people have to make choices about what goods and services to produce and consume. Economics helps to explain how people make these choices and how these choices affect society as a whole. Money, production of goods and services, and business profits are all important aspects of economics, but they are ultimately tied to the fundamental issue of scarcity and the choices that people make.

The Best Definition of Economics Is