Multiple Choice
In the Communist Manifesto, Karl Marx hypothesized that capitalism would fail if workers:
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0. Basic Principles of Economics
Introduction to Economics
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Economics is best defined as the study of:
A
the history of money and banking systems
B
how to maximize profits in business organizations
C
how people make choices to satisfy unlimited wants with limited resources
D
the distribution of wealth among individuals
Verified step by step guidance1
Understand that economics is a social science focused on decision-making.
Recognize that the core problem economics addresses is scarcity: unlimited wants versus limited resources.
Identify that economics studies how individuals and societies allocate these scarce resources to satisfy their wants.
Note that economics is not primarily about the history of money, profit maximization, or wealth distribution, although these topics can be part of economic study.
Conclude that the best definition of economics is the study of how people make choices to satisfy unlimited wants with limited resources.
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