Economics Can Best Be Described as

question 14

Multiple Choice

Economics can best be described as

• A)the study of how a society ought to allocate its resources.
• B)the study of the use of scarce resources to satisfy unlimited human wants.
• C)the application of sophisticated mathematical models to address social problems.
• D)a normative science.
• E)the study of how to reduce inflation and unemployment.

---

Definitions:

Land Resources

Natural resources encompassing geographical territories and the natural materials available within them, such as water, minerals, and fertile land used for agriculture.

Money

Anything that is generally accepted in exchange for goods and services.

Capital

Assets used for the production of goods and services, including machinery, buildings, and equipment.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants.