The Best Definition of Economics Is

question 16

Multiple Choice

The best definition of economics is

• A)how choices are made under conditions of scarcity.
• B)how money is used.
• C)how goods and services are produced.
• D)how businesses maximize profits.

---

Definitions:

Capital-Intensive

A capital-intensive process or business requires a high initial investment in machinery, equipment, or infrastructure relative to labor to produce goods or services.

Sunflower Seeds

Edible seeds from the sunflower plant, often eaten as a snack, used in recipes, or processed for their oil.

Chemicals

Chemicals are substances formed from chemical reactions between elements or compounds, and they have specific chemical compositions and properties.

Production Possibilities

Different combinations of goods and services that an economy can produce using all of its resources efficiently.