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Which of the following is the best definition of economics? a
Which of the following is the best definition of economics?
a. The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices.
b. The study of how consumers satisfy their limited wants with a given income.
c. The study of how consumers and producers interact in the market.
d. The study of how producers decide what inputs to hire and what outputs to produce.
Expert Solution
a. The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices.
Economics is concerned with the problem of making choices or economic decisions in light of scant resources to satisfy the necessities of people, society, organizations, and the government.
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