Economics is best defined as the study of how:

A) individuals decide to use scarce resources in an attempt to satisfy their unlimited wants.
B) individuals can make money.
C) the government should deal with unemployment and inflation.
D) to eliminate the problem of scarce resources.
E) to run a business.

Scarce Resources

Limited availability of inputs required to produce goods and services, such as labor, land, and capital, necessitating choices and priorities in their utilization.

Unlimited Wants

The concept that human desires and aspirations are endless, which drives continual economic demand and consumption.