Economics is the study of:
Understand the Problem
The question defines economics and provides multiple choices about what it studies. It is asking the user to select the correct definition of economics from the provided options.
Answer
d. how society manages its scarce resources.
The final answer is d. how society manages its scarce resources.
Answer for screen readers
The final answer is d. how society manages its scarce resources.
More Information
Economics focuses on the allocation of scarce resources, involving choices and trade-offs, to meet societal needs and wants.
Tips
A common mistake is thinking economics avoids trade-offs or fully satisfies wants; instead, it deals with managing scarcity.
Sources
- What is economics? - American Economic Association - aeaweb.org
- Economics Defined with Types, Indicators, and Systems - Investopedia - investopedia.com
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