Economics is the study of what?
A.
the production, distribution, and consumption of goods and services
B.
the supply and demand of products in capitalism
C.
the change from the barter system to the money system
D.
the difference between capitalist, communist, and socialist states
A. the production, distribution, and consumption of goods and services
Which economic mechanism does a barter system operate without?
A.
opportunity costs
B.
money
C.
supply and demand
D.
goods and services
B. money
The correct answer is A. Economics is the study of the production, distribution, and consumption of goods and services. To arrive at this answer, we can break down the options and examine the meaning of each choice.
A. the production, distribution, and consumption of goods and services: This option accurately describes the field of economics. It explores how resources are used, how goods and services are produced and distributed, and how individuals, businesses, and governments make choices about resource allocation.
B. the supply and demand of products in capitalism: While supply and demand is an important concept in economics, it alone does not define the entire field. Economics covers a broader range of topics beyond just the study of supply and demand, including how economies function and the role of factors such as government policies, international trade, and market structures.
C. the change from the barter system to the money system: While the transition from barter to monetary systems is a part of economic history, it is not the sole focus of economics. Economics encompasses a wide range of topics beyond this specific aspect.
D. the difference between capitalist, communist, and socialist states: While economics can analyze and compare different economic systems, it is not solely focused on the differences between capitalist, communist, and socialist states. Economics covers a broader scope, studying various aspects of economic activities and behavior within different systems.
Therefore, the most accurate answer is A, which encompasses the overall study of economics.