The study of economics as a social science is primarily concerned with which of the following broad issues?

Introduction / Context:
Economics is often defined in many ways, but a common modern definition is that it is the study of how society uses scarce resources to satisfy unlimited wants. Scarcity forces individuals, firms, and governments to make choices, because not all wants can be fulfilled at once. This question asks what the study of economics is primarily concerned with, and it tests understanding of this core idea.

Given Data / Assumptions:

• Resources such as land, labour, capital, and time are limited in supply.
• Human wants for goods and services are many and tend to grow over time.
• Individuals, firms, and governments must decide how to allocate resources among competing uses.
• Economics examines both micro level behaviour and macro level outcomes.
• The definition should be neutral and descriptive, not ideological or biased toward one system.

Concept / Approach:
Modern definitions of economics, influenced by Lionel Robbins, emphasise scarcity and choice. Economics studies how people make decisions when faced with limited means and unlimited ends, and how these decisions affect the allocation of resources and distribution of goods and services. It does not primarily aim to promote or defend any particular economic system, but rather to understand and analyse how different systems operate. Therefore, the correct description focuses on choices made to use scarce resources efficiently.

Step-by-Step Solution:
Step 1: Recall that economics deals with the problem of scarcity of resources relative to unlimited wants.Step 2: Recognise that because resources are scarce, individuals and societies must make choices about what to produce, how to produce, and for whom to produce.Step 3: Understand that economics studies these choices and the mechanisms, such as markets and planning, through which resources are allocated.Step 4: Compare the options and identify which statement refers to choices and efficient use of scarce resources.Step 5: Note that options about keeping businesses from losing money or proving that one system is superior are not neutral descriptions of the subject.Step 6: Select the option that describes economics as the study of choices made to use scarce resources efficiently.

Verification / Alternative check:
Textbooks commonly define economics as a science that studies how individuals and societies choose to allocate scarce resources among alternative uses and how these choices affect the production and distribution of goods and services. Some versions emphasise wealth, welfare, or growth, but the core theme of scarcity and choice remains. This confirms that the primary concern of economics aligns with option a, not with ideological claims or narrow tasks like preventing business losses.

Why Other Options Are Wrong:
Option b limits economics to keeping private businesses from losing money, which is only one small practical concern in applied economics and not the main focus of the discipline. Option c is ideological, suggesting that economics exists to prove the superiority of a particular system, which is not correct. Option d claims that economics shows government intervention is never required, which ignores the extensive study of market failures and public goods in the subject. Option e restricts economics to national income accounting, which is only one tool in macroeconomic analysis and not the full scope of economics.

Common Pitfalls:
Some learners think of economics only in terms of money, markets, or business, overlooking the broader themes of scarcity and choice that apply to households, governments, and societies as a whole. Others may view economics as inherently supporting a particular ideology. To avoid these misunderstandings, it is useful to remember that economics is a neutral analytical framework used to understand how scarce resources are allocated across competing wants in different institutional settings.

Final Answer:
The study of economics is primarily concerned with the choices that are made in seeking to use scarce resources efficiently to satisfy competing wants.