Question

1. economics is the study of

○ how goods are produced.
○ money.
○ the study of the financial system of a society.
○ how people, firms, and governments make decisions about how to allocate scarce resources to meet unlimited wants.

Explanation:

Economics centers on the core problem of scarcity: resources are limited while human wants are unlimited. The other options are too narrow: production is only one part of the economic process, money is just a tool in economies, and the financial system is a specific sub-component of economics, not the whole field.

Answer:

how people, firms, and governments make decisions about how to allocate scarce resources to meet unlimited wants.