Economics ECON S - 1920 Chapter : Principles of Economics - Summary

Economics is the study of how society manages its

a. scarce resources

b. large corporations

c. business laws

d. government policies

Which one of the following is the most accurate definition of economics? 

(a) Economics is the study of stocks and bonds.

(b) Economics is the study of how people allocate unlimited resources.

(c) Economics is the study of how consumers choose to spend their income.

(d) Economics is the study of how society chooses to allocate scarce resources.