Economics 2008 Objective — Question 1
Economics is the study of human behaviour as it relates to the
- A. consumption of goods
- B. production of goods
- C. distribution of goods
- D. (the standard definition covers all three: production, distribution and consumption of goods and services)Correct
Explanation
The standard definition of economics covers the full scope of production, distribution and consumption of goods/services (and their relation to scarce resources).