Economics is primarily the study of consumer ______.

• A. savings
• B. choices
• C. income
• D. preferences

Answer: (B)

Verified step by step guidance

1. Understand that economics, particularly microeconomics, focuses on how consumers make choices given their limited resources.
2. Recognize that consumers decide what to buy based on their preferences, which reflect their tastes and desires for different goods and services.
3. Note that while income and savings are important factors, the core study is about how consumers choose among alternatives, which is captured by the term 'preferences'.
4. Recall that consumer preferences help explain demand patterns and how consumers allocate their income to maximize satisfaction.
5. Therefore, the blank in the statement 'Economics is primarily the study of consumer ______.' is best filled by 'preferences'.