Final answer:
Economics is the study that deals with the allocation of scarce resources and decision-making by individuals and societies to manage the production and exchange of goods and services.
Step-by-step explanation:
The field of study that delves into the optimum allocation of scarce resources and examines how individuals interact within the social structure to address questions regarding the production and exchange of goods and services is Economics. Economic decisions are made by individuals, families, businesses, and societies due to the existence of scarcity, which implies that human desires for goods, services, and resources exceed the available quantities. As a social science, Economics is concerned with these decisions and how resources like labor, tools, land, and raw materials, which are finite, are utilized in the production of goods and services.