The correct answer to this open question is the following.
The study of how individuals, institutions, and society make choices under the conditions of scarcity is "Economics."
Individuals want to satisfy material wants but resources are limited. Economics is the science that studies the way people in society decide to use limited resources. So it is important to understand concepts such as scarcity, opportunity costs, and choices because help us to make decisions in our daily lives and business. It also helps us to understand the way the economy of the country.