Final answer:
Economics is the study of how humans make (Option 3)choices in the face of scarcity. It involves understanding how resources are allocated to satisfy unlimited wants and needs. In the context of jobs and money, economics examines how resources like labor and capital create employment opportunities and generate income.
Step-by-step explanation:
Economics is the study of how humans make decisions in the face of scarcity. It involves understanding how individuals, families, businesses, and societies allocate limited resources to satisfy their unlimited wants and needs.
The primary focus of economics is choice - making decisions among alternative uses of scarce resources. These choices can be related to various aspects of life such as jobs, money, and inexpensive items.
For example, in the context of jobs and money, economics studies how resources like labor and capital are used to create employment opportunities and generate income for individuals and households.