Question

Economics: a. studies human behavior when scarcity exists and choices must be made. b. does not accurately explain any human behavior since it is based on the assumption of rationality. c. is the only social science that can explain the existence and behavior of public institutions. d. is better at showing the way things ought to be than the other social sciences. e. does not provide a reasonable explanation of how people make decisions.

Answer 1

Answer: Economics studies the behaviour of human beings when there is scarcity and choices have to be made.

Explanation:

Economics is a social science i.e study of human behavior in relation to the manufacturing, distribution and consumption of products. Economics focal point is the interaction and behaviour of economic agents (households, firms and governments) and how economies work. 

Economics is divided into microeconomics and macroeconomics. Microeconomics deals with the small elements in the economy such as interaction of markets and prices of certain products. Macroeconomics deals with the whole economy and issues discussed include unemployment, economic growth, inflation etc.