Economics is the study of the choices people make in an effort to satisfy their needs and wants. t or f

The correct answer is TRUE.

Economics in the study of how inputs are transformed into final products with the aim of satisfying human needs. The manucturing process relies in the usage of factors of production: land, natural resources, labor and capital (both physical and financial). Those factors are in hands of the economic agents which are three: households, firms and the public sectors who, in turn, are the potential consumers of final goods too.

Therefore, studying economics can be defined as the analysis of all the decisions made by economic agents in the pursuance of their interests: satisfying their needs. Agents would earn an income after deciding under which conditions they would offer their factors of production in the markets and subsequently, they would decide how to spend that income in final goods and services according to their preferences and budget.  

answer; (true);