One popular definition of economics is the study of
a) how scarcity increases opportunities to meet ends.
b) how markets overcome scarcity.
c) how to use limited means to meet unlimited wants.
d) wants versus needs.
Definition of Economics:
Economics is an analytical study of individual behavior in production, consumption, and interest choices. Economics is the branch of social sciences that deals with consumerism and welfare for the country and society.
Answer and Explanation: 1
Using limited means to unlimited wants provides the actual realm of economics.
This is so because economics gives the direction to deal with the wants and needs by utilizing proper resources. The limited means of resources are available in the environment, and there is an unlimited want for human beings to control and stabilize. Economics helps provide the methods or techniques to deal with the inner wants and needs by utilizing appropriate and providing the qual resources to everyone.
Reason for incorrect answers:
Option (a.) is incorrect because this discussion partially defines economics.
Option (b.) is incorrect because economics deals with the proper utilization of resources. Discussing scarcity doesn't fully signify definition of economics.
Option (d.) is incorrect because the wants and needs signify almost similar meaning. They signify partial definition of economics.
Learn more about this topic:
fromChapter 4 / Lesson 7
What is the study of economics? See the economics definition, history, and timeline. Compare microeconomics and macroeconomics with examples of each.