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Economics may best be defined as the Multiple Choice

1. interaction between macro and micro considerations.
2. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
3. empirical testing of value judgments through the use of logic.
4. study of why people are rational.

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Answer:

2. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.

Explanation:

Economics is defined as a study of how a society uses its limited resources. It deals with consumption, distribution, and production of goods and services.

Economics tries to find ways that unlimited wants can be satisfied with limited resources. Theories postulated are focused on how to optimally use scarce resources for production of goods and services, how am individual or organisation can maximise it's utility of a product.

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