The best definition of economics is:
c. how society manages its scarce resources.
Economics is fundamentally concerned with the allocation of limited resources to meet the needs and wants of individuals and society as a whole.
Economics is best defined as the study of
a. how to run a business most profitably.
b. how to predict inflation, unemployment, and stock prices.
c. how society manages its scarce resources.
d. how the government can stop the harm from unchecked self-interest.
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