Economics studies ______.

Question

BlackTom AI · Accepted Answer

Economics studies a broad idea of how societies allocate limited resources to satisfy unlimited wants, so understanding the core focus is essential.
Option 1: 'How society manages its scarce resources' — This is the foundational description of economics, highlighting allocation, efficiency, opportunity costs, and trade-offs that arise from scarcity. It precisely captures the central aim of the discipline.
Option 2: 'Social Welfare' — While economics does examine welfare and welfare economics analyzes how to maximize well-being, this option is too narrow as a blanket characterization of economics. Welfare is a concept studied within economics, not the sole scope of the entire field, so it’s not the best standalone answer to the question as posed.
Option 3: 'Ethical use of resources' — Ethics and normative questions do appear in economic discussions, but economics itself primarily analyzes choices and outcomes given constraints rather than prescribing ethical rules. This makes the statement overly normative and not the core description of what economics studies.
Option 4: 'Protection of workers' rights' — Protecting workers’ rights is typically associated with labor law or labor economics within economics, but as a general description of the field, this option is too specific and not representative of the entire discipline.
Overall, the strongest and most accurate description among the options is that economics studies how society manages its scarce resources, with the other items representing related subtopics or applications rather than the core definition.

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Economics studies ______.

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