Economics is the social science that studies how individuals, institutions, and society makes optimal choices under condition of scarcity. true or false

Answer 1

That is a true statement. Scarcity is the condition of having unlimited wants and limited resources to get those wants. Since humans always seem to want more, we and our institutions are never fully satisfied so we will always face scarcity. This is the focus of economics.

You asked this question under "econometrics" which is the combination of economics and statistical analysis to evaluate policies and decisions by firms and movements. It involves some high end mathematics and statistical analysis and is its own discipline.