Question

Which of the following best describes economics?

O a. Economics measures the value of all goods and services produced by a country in a year.
O b. Economics is about making choices on how best to use limited resources.
о
c. Economics is only about natural resources like forests, water, minerals, and fossil fuels.
O
d. Economics is the money, tools, machines, and other products needed to make goods and services.

Answer 1

Ob. Economics is about making choices on how best to use limited resources.

Step-by-step explanation:

Economics is, according to the dictionary, "the branch of knowledge concerned with the production, consumption, and transfer of wealth." This means that it is the way humans use their resources.

The best definition for the word 'economics' can be to say the choices we have to make on how to best use the resources when they are limited. It deals with how humans cope with the resources and how they allocate them to various uses.

Thus, the correct answer is option b.