Economics may best be defined as the:

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

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Optimal Choices

Decisions or selections that yield the best possible outcome or benefit given the available resources and constraints.

Social Science

The study of human society and social relationships, encompassing disciplines like psychology, sociology, and economics.