Economics is best defined as the study of how
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Economics is 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.
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Economics is best defined as the study of choices made by people faced with scarcity.
Economics can be defined as the study of scarcity.
It provides the way to use the limited resources to form valuable commodities.
It also shows the path to distribute the commodities among the people.
There are 2 main ideas of Economics i.e. goods are limited and resources must be used efficiently.
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