Registered Environmental Manager (REM) Practice Exam

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How is economics best defined?

A discipline focusing only on financial markets and trading
A social science describing factors that influence goods and services
A study of historical economic systems
A set of theories about consumer behavior

The correct answer is: A social science describing factors that influence goods and services

Economics is best defined as a social science that focuses on the factors influencing the production, distribution, and consumption of goods and services. This definition highlights the various elements that affect economic activities, including individual behaviors, market dynamics, government policies, and global trends. It encompasses the analysis of how resources are allocated, how choices are made under conditions of scarcity, and how these choices affect both individuals and communities. This comprehensive perspective allows economists to study not just the behavior of financial markets or consumer choices but also the broader implications on society and the economy as a whole. By identifying key factors influencing supply and demand, market structures, and economic systems, it aids in understanding the complex interactions that shape our economic environment. It embraces a diverse range of topics, thus offering depth to the study of economics as a whole.