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8 November, 00:47

Economics is best defined as the study of:

A. prices and quantities.

B. inflation and interest rates.

C. how people make choices under the conditions of scarcity and the results of those choices.

D. wages and incomes.

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Answers (1)
  1. 8 November, 00:59
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    Answer: The correct answer is "C".

    Economics is best defined as the study of how people make choices under the conditions of scarcity and the results of those choices.

    Explanation: Economics is a social science that studies how to manage the resources available (scarce) to meet human needs. In addition, it also studies the behavior and actions of human beings.
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