Question

Which of the following is correct? a. The word economy comes from the Greek word for "rational thinker." b. Economists study the management of scarce resources. c. Because economists believe that people pursue their best interests, they are not interested in how people interact. d. All of the above are correct.

Answer 1

b. Economists study the management of scarce resources.

Step-by-step explanation:

the statement that is correct in relation to the definition of economics is the fact that it is the study the management of scarce resources.

In its most simple and concise definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services.

Economics focuses heavily on the four factors of production, which are land, labor, capital, and enterprise. These are the four ingredients that make up economic activity in our world today.