Final answer:
Economics is the study of how humans make decisions in the face of scarcity. It examines how people choose among the alternatives available to them and involves the analysis of limited resources.
Step-by-step explanation:
According to McConnell, Brue, and Barbiero (2007-2016), Economics is best described as: b) The science of scarcity and choice. Economics, as articulated by these authors, transcends a narrow focus on individual spending habits. It is a social science that investigates the allocation of scarce resources in the face of unlimited wants, emphasizing the fundamental principles of scarcity and choice. The crux of economic analysis lies in understanding how individuals, firms, and societies make decisions to optimize their well-being in a world with finite resources. While the study of market trends is a component of economics, it is not the sole essence. Economics encompasses a broad spectrum, examining the production, distribution, and consumption of goods and services. It delves into topics such as market structures, pricing mechanisms, and the role of governments in influencing economic outcomes. Furthermore, economics explores historical economic systems to glean insights into past societal structures and their implications for contemporary economic thought. In summary, Economics, as per McConnell, Brue, and Barbiero, is the science that systematically studies how societies grapple with scarcity, make choices, and strive to fulfill their myriad needs and desires.