Answer to Question #163697 in Microeconomics for Chegofatjo

Question

What is economics

Answer 1

Economics is science that studies the consumption behaviors of humans, the production and distribution of goods and services and how governments, businesses and individuals makes decisions on resource allocations (McConnell, Brue & Flynn, 2018). In economics, humans are considered as rational beings who seek the most optimal utility using the available (scare) resources.

Reference

McConnell, C. R., Brue, S. L., & Flynn, S. M. (2018). Economics: principles, problems, and policies, 21th. McGraw-Hill.

Chicago