Question

select the correct answer.
which statement describes the term economics?
a. it is the study of using limited resources to fulfill wants and needs.
b. it is the study of how governments fulfill the wants and needs of nations.
c. it is the study of how people spend their money to fulfill wants and needs.

Explanation:

Economics is fundamentally about the allocation of scarce (limited) resources to satisfy unlimited wants and needs. Option A captures this core concept. Option B is too narrow as economics isn't only about governments, and Option C is also narrow as it focuses only on spending money, while economics covers production, distribution, and more beyond just spending.

Answer:

A. It is the study of using limited resources to fulfill wants and needs.