Final answer:
Aristotle did not refer to Economics as "the dismal science." Economics is the social science that studies how individuals, businesses, and governments allocate scarce resources to satisfy unlimited wants and needs.
Step-by-step explanation:
Aristotle did not refer to Economics as "the dismal science." This phrase was actually coined by Scottish economist Thomas Carlyle in the mid-19th century to describe the pessimistic and gloomy predictions made by some economists.
Economics is the social science that studies how individuals, businesses, and governments allocate scarce resources to satisfy unlimited wants and needs. It examines various aspects such as production, consumption, and distribution of goods and services.
Some key concepts in economics include supply and demand, market equilibrium, opportunity cost, and inflation. Economists analyze these factors to understand how they impact the overall economy and make predictions about future economic trends.