Which term describes the study of how individuals and institutions make decisions in a world of scarce resources?

The study of how individuals and institutions make decisions in a world of scarce resources is best described by the term "Economics." This broad field encompasses both microeconomics and macroeconomics, focusing on the allocation of limited resources for various ends. Economics examines how human behavior influences resource distribution, including how choices are made under constraints such as time, money, and materials.

Microeconomics specifically looks at individual or small group decision-making and interactions within markets, while macroeconomics examines overall economies and large-scale economic factors like national income and inflation. However, economics as a whole covers both aspects and more, addressing the fundamental issues of scarcity and choice that underpin all economic interactions.

In this context, the other options provided do not encapsulate the full breadth of the study of resource allocation and decision-making.