Which of the following are the words most commonly used by economists?a.supply and demandb.surplus and shortagec.price and quantityd.scarcity and human wants

The words most commonly used by economists are "supply and demand". These terms are fundamental to the study of economics. They represent the basic economic problem of any society, that is, how to allocate its resources.

Supply refers to the amount of a product that producers are willing and able to sell at different prices at a particular time. On the other hand, demand refers to the quantity of a product that consumers are willing and able to buy at different prices at a particular time.

The interaction between supply and demand determines the market price and quantity of goods and services. When supply equals demand, the market is said to be in equilibrium.

The other options - surplus and shortage, price and quantity, scarcity and human wants - are also important concepts in economics, but they are not as fundamental and commonly used as supply and demand.