Question

Economics is: Group of answer choices

Answer 1

Answer:

Option (D). Economics is a social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants.

Explanation:

Economics is a social science that is involved in the production, distribution and consumption of goods or services. It studies how limited resources are used. It (Economics) is concerned with four factors of production which are the recipe for economic activities which are - land, labour, capital and entrepreneurship.

Economics may also be seen as a science that studies behaviour of human beings as a relationship between ends and scarce means which have alternative uses.

Economics is therefore a social science that is concerned with the analysis and description of production, supply and consumption of goods and/or services.

Answer 2

Answer:

d) a social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants

Explanation:

Economics is a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. It studies the production, distribution and consumption of goods and services.