Which Statement Most Accurately Defines Economics

question 201

Multiple Choice

Which statement most accurately defines economics?

• A)Economics is the study of how people make money.
• B)Economics is the study of how people make choices to satisfy their wants.
• C)Economics is the study of values a society should choose.
• D)Economics is the study of how to eliminate scarcity.

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Definitions:

Employer/Employee Context

The environment and circumstances surrounding the relationship between an employer and their employees, which includes rights, obligations, and expectations.

Restrict

To limit or control the size, amount, or range of something through regulations or conditions.

Recognizance

An obligation in which a party acknowledges in court that he or she will perform some specified act and/or pay a price on failure to do so.

Formal Contract

A legally binding agreement that requires a specific form, such as being in writing, to be valid.