Economics is the best defined as the study of how people, businesses, governments, and societies: a

Business Dec 27, 2020

Economics is the best defined as the study of how people, businesses, governments, and societies:

a. choose abundance over scarcity,

b. make choices to cope with scarcity,

c. use their infinite resources,

d. attain wealth.

Expert Solution

b. make choices to cope with scarcity

Economics seeks to study how people make choices and it focuses on the allocation of scarce resources to unlimited needs. Economics addresses the issues of production, distribution, and consumption of wealth using different theories such as the theory of production, and the theory of markets. The study of economics is useful as through the theories, principles, and models studied, policies can be developed that guide an economy in making sound decisions regarding scarcity and choices.

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