Economics is the study of Multiple Choice How wealth is created and distributed How interest rates are set How inflation is calculated How imports and exports effect demand How imports and exports effect supply

## Step 1: Definition of Economics<br />### Economics is broadly defined as the study of how societies allocate scarce resources to satisfy unlimited wants and needs. This includes production, distribution, and consumption of goods and services. This encompasses how wealth is created and distributed within a society.<br />## Step 2: Other Economic Concepts<br />### While interest rates, inflation calculations, and the effects of imports and exports on supply and demand are all *part* of economics, they are not the encompassing definition of the field. They represent specific areas of study *within* economics.<br /><br />#