Economics Can Best Be Described as

question 14

Multiple Choice

Economics can best be described as

• A)the study of how a society ought to allocate its resources.
• B)the study of the use of scarce resources to satisfy unlimited human wants.
• C)the application of sophisticated mathematical models to address social problems.
• D)a normative science.
• E)the study of how to reduce inflation and unemployment.

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Definitions:

Economic Class

Categories of individuals in a society grouped according to their economic status, often determined by income, wealth, and occupation.

Organize Citizens

The act of bringing together individuals from the general public to participate in activities aimed at achieving common interests or addressing community issues.

Red-Blue Presidential Maps

Visual representations used in the United States to depict states won by Democratic (blue) and Republican (red) candidates in presidential elections.

Republican Era

A historical period characterized by the dominance or influence of republican forms of government, often specific to a particular country's history.