Economics is the study of the choices we make in the allocation of scarce landb capitalc labord resources

Option (D) is correct.

Explanation:

Economics refers to the study of the economy as a whole. The economics is studied at two different levels: (a) Microeconomics, (b) Macroeconomics

Economics is used to utilize the scare resources in a better way. We know that there are unlimited wants and desires of the people but resources to satisfy these wants are limited. Therefore, we have to allocate resources in a manner so that we can get the maximum satisfaction from them.

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