Final answer:
The correct answer to fill in the blanks is C) Study, decisions. Economics is the study of decision-making by individuals, businesses, and societies in the context of scarcity, where the demand for resources exceeds their availability.
Step-by-step explanation:
Economics is the study of how people, which includes countries and companies, make decisions on buying, selling, using, and distributing things. When filling in the blank for the given question, the most appropriate words would be 'study' and 'decisions'. Therefore, the correct answer is C) Study, decisions.
Economics can be considered both a social science and an actual science. It is described as social because it examines how people and their behavior interact within the economy, and it is also considered a science because it systematically studies human behavior and choices using scientific methods where possible, especially under conditions of scarcity.
Scarcity is a core concept in economics, where human wants for goods, services, and resources exceed what is available. Resources like labor, tools, land, and raw materials are essential for producing goods and services but are limited. Time is also a scarce resource as it is fixed at 24 hours per day, creating limits on what can be achieved economically within a given time frame.