What term describes the study of how individuals and societies make choices under the condition of scarcity?

The study of how individuals and societies make choices under the condition of scarcity is encapsulated within the term "economics." Economics is concerned with how resources are allocated in a world where they are limited and how these decisions affect individuals, businesses, and the overall economy. It encompasses a broad range of topics, including the analysis of consumer behavior, production, distribution of goods and services, and the market mechanisms through which these choices are made.

Microeconomics and macroeconomics, while subfields within economics, focus on different scales of analysis. Microeconomics deals primarily with individual and business decision-making processes, while macroeconomics looks at national and global economic trends, such as inflation, unemployment, and economic growth. Scarcity refers specifically to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources but is not a term that describes the broader field of study itself. Thus, the most accurate term that captures the entire disciplinary focus on choices in the face of scarcity is economics.