Question

According to modern economists, economics is the study of ____.

• A. factors to decide decrease of income and employment opportunities of a nation
• B. increased production
• C. adjustment of limited means to obtain maximum satisfaction
• D. use of maximum means to obtain maximum satisfaction

Answer 1

Answer: (C)

adjustment of limited means to obtain maximum satisfaction

Economics is the study of how we choose to use limited resources to obtain the maximum satisfaction of unlimited human wants. The domain of economics is the study of processes by which scarce resources are allocated to satisfy unlimited wants.