Economics Is Best Defined as the Social Science That Studies

question 18

Multiple Choice

Economics is best defined as the social science that studies

• A) how choices made in the social interest must conflict with choices made in the self-interest.
• B) how a person can get everything he or she wants.
• C) the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity.
• D) the reason money exists.
• E) the way to eliminate choices in our decisions.

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Definitions:

Alarm Stage

The initial reaction of the body's stress response system, involving the activation of the sympathetic nervous system and the release of stress hormones.

Type A Behavior

A personality trait characterized by high levels of competitiveness, self-imposed stress, impatience, and aggression.

Achievement Oriented

Characterized by a persistent drive to exceed standard expectations and accomplish significant goals.

Time-Pressed

The state of being under pressure to complete tasks within a limited timeframe.