As a Scientist, an Economist's Main Professional Objective Is to

question 70

Multiple Choice

As a scientist, an economist's main professional objective is to

• A)become wealthy
• B)control the government's decision-making processes
• C)understand how the economy works
• D)discover which stock prices will decrease
• E)understand the psychology of participants in markets

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Definitions:

Political economy

A branch of social science that studies the relationships between individuals and society and between markets and the state, using methods from both economics and political science.

Market capitalism

An economic system where decisions and investments are determined by the market, with goods and services produced and exchanged according to demand and supply.

Social welfare programs

Government-provided services designed to ensure a basic standard of living for all citizens, including healthcare, education, and income assistance.

Socialist capitalism

A mixed economic system that incorporates elements of both socialism and capitalism, often featuring private enterprise alongside significant government regulation and social welfare policies.