Final answer:
Economics is the study of how humans make decisions in the face of scarcity and limited resources.
Step-by-step explanation:
Economics is the study of how humans make decisions in the face of scarcity. These decisions can be made on an individual, family, business, or societal level. Scarcity is the idea that human wants for goods, services, and resources surpass what is available. Economics looks at how resources such as labor, land, tools, and raw materials are allocated to produce the goods and services we need. Ultimately, economics is centered around the concept of choice in the presence of limited resources.