22-05-2024
Social Studies

Answered

Question 2
Which of the following is the most accurate definition of economics?
The study of the relationship between the expenditures and income.
O The study of how people seek to satisfy their needs and wants by making choices.
O The study of how people make and spend money.
The study of money and finances.

Answer :

GinnyAnswer GinnyAnswer

22-05-2024

Final answer:

Economics is the study of how individuals and societies make choices based on limited resources in a scientific manner.

Explanation:

Economics is a social science that examines how people choose among the alternatives available to them. It involves people and their behavior, utilizing a scientific approach in investigating choices.

Every time an individual makes a decision, such as purchasing a product, they are essentially making economic choices, considering the limited resources like money, time, or goods.

Scarcity and the allocation of scarce resources with alternative uses are fundamental concepts in economics, guiding individuals and societies in decision-making processes.

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