"Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity." This statement is

A) positive but incorrect.
B) positive and correct.
C) normative but incorrect.
D) normative and correct.

Optimal Choices

Decisions that result in the best possible outcome, given any constraints or limitations faced.

Conditions Of Scarcity

A situation where the demand for a resource significantly exceeds its available supply, leading to allocation challenges.

Economics

The social science that studies how goods and services are produced, distributed, and consumed, and how individuals, businesses, and governments make choices given limited resources.