Which of the Following Statements Provides the Best Definition of Economics

question 49

Multiple Choice

Which of the following statements provides the best definition of economics?

• A)The study of the production of goods and services.
• B)The study of the use of scarce resources to satisfy unlimited human wants.
• C)The study of production and increasing its efficiency.
• D)The study of the productive capacity of a nation's factors of production.
• E)The study of the most equitable distribution of scarce resources.

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Definitions:

Abstract Terms

Words that represent concepts or ideas rather than tangible objects or actions, often subjective and open to interpretation.

Poetic Imagery

The use of vivid or figurative language to represent objects, actions, or ideas in literature, particularly in poetry, to evoke a mental image or sensory experience.

Circular Definition

A way of defining a term where the definition includes the term itself, leading to a lack of clarity or actual explanation.

Genus

In biology, the rank in the classification of organisms, above species and below family; in logic, a broader category or class that encompasses more specific subdivisions.