Economics may best be defined as the (1 Point)interaction between macro and micro considerations.social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.empirical testing of value judgments through the use of logic.study of why people are rational.

Economics is the study of howGroup of answer choicessociety manages its scarce resources.society manages its unlimited resources.to avoid having to make trade-offs.to fully satisfy our unlimited wants.

Why we study economics

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.

The study of economics is primarily concerned with (1 Point)keeping private businesses from losing money.demonstrating that capitalistic economies are superior to socialistic economies.choices that are made in seeking the best use of resources.determining the most equitable distribution of society's output.

The economic way of thinking includes:Question 23Select one:a.attention paid to the opportunity costs involved in any choice.b.the assumption that individuals choose to average out some objective.c.concern with the biological make up of decision makers.d.emphasis on how choices affect total values rather than marginal values.