which of the following defines Economics most comprehensively ?
Answer Details
The most comprehensive definition of Economics is "the study of human behavior in the allocation of scarce resources." This definition encompasses a broad range of economic activities, including buying and selling, the organization of industries and markets, national development planning and budgeting, and the study of market forces as they affect human behavior.
Economics is concerned with how individuals, businesses, and governments allocate limited resources to meet their needs and wants. Resources are scarce, which means that not everyone can have everything they want. Economics seeks to understand how people make choices in the face of scarcity, how markets function to allocate resources, and how public policies can be used to improve economic outcomes.
In summary, while all of the options presented touch on aspects of economics, the most comprehensive definition is one that emphasizes the study of human behavior in the allocation of scarce resources. This definition encompasses a broad range of economic activities and provides a framework for understanding the choices that people make in the face of scarcity.