Which statement describes the term economics?
Business · High School · Mon Jan 18 2021
Answered on
Economics is a social science concerned with the Production, Distribution, and Consumption of Goods and Services. It studies how individuals, Businesses, Governments, and Nations make choices on allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output. Economic analysis often progresses through deductive processes, such as mathematical logic, where the implications of specific human activities are considered in a "means-ends" framework.