Question

Economics is defined as:______.a. the study of how individuals, businesses, and societies make decisions to maximize their well-being given limited resources.b. the study of the fundamental nature of problems, such as those connected to reality and existence.c. the study of human culture and its evolution over time around different regions across the world.d. study of how individuals and society use unlimited resources to fulfill their needs and wants.

Answer 1

Answer:

d. study of how individuals and society use unlimited resources to fulfill their needs and wants.

Explanation:

Lionel Robbins defines economics as the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses.

Adam Smith defined economics as “an inquiry into the nature and causes of the wealth of nations.”