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Economics is defined as the: empirical testing of value judgments through the use of logic. social...

Economics is defined as the:

empirical testing of value judgments through the use of logic.

social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.

interaction between macro and micro considerations.

study of why people are rational.

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Answer #1

Economics is defined as the:

Humans have unlimited wants , if one want is satisfied humans produces another wants so it is general nature of humans to have unlimited wants

But resources are scare in nature resources are limited and has to be use with cautious and achieve a level so that all wants in the economy satisfies , no one left behind.

So economics is the study of how individuals, institutions, and society make optimal choices under conditions of scarcity.

Option B is correct.

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