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Question

Which one of the following is the most accurate definition of economics?

A

Economics is the study of stocks and bonds.

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B

Economics is the study of how people allocate unlimited resources.

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C

Economics is the study of how consumers choose to spend their income.

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D

Economics is the study of how society chooses to allocate scarce resources.

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Solution

The correct option is D Economics is the study of how society chooses to allocate scarce resources.
Economics is the study of how society chooses to allocate its scarce resources in order to satisfy unlimited wants.)

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Q. ____________ defined economics as the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternatives uses, to produce various commodities and distribute them for consumption now or in the future among various persons and groups in society.

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