Which of the Following Is the Best Definition of Economics

question 170

Multiple Choice

Which of the following is the best definition of economics?

• A) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided
• B) the study of how consumers spend their income
• C) the study of how business firms decide what inputs to hire and what outputs to produce
• D) the study of how the federal government allocates tax dollars

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Definitions:

St. Augustine

A significant figure in Western Christianity, known for his theological writings and contributions to Christian philosophy, particularly in the early 5th century.

Religious Ethics

Moral principles and conduct guided by religious beliefs and practices.

Ethos

The guiding beliefs or ideals that characterize a community, nation, or ideology.

The Boy Scout Laws

A set of principles and values intended to guide the behavior of members of the Boy Scouts, emphasizing qualities like honesty, respect, and kindness.