The Study of Economics Exists Because

question 249

Multiple Choice

The study of economics exists because:

• A)government interferes with the efficient allocation of scarce resources.
• B)resources are scarce in relation to human material wants.
• C)the market system is an obstacle to the efficient use of plentiful resources to satisfy constrained wants.
• D)resources are overly abundant as compared to wants; thus, an allocation problem exists.

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Definitions:

Power Elite

A small group of people controlling a disproportionate amount of wealth, political power, and society's resources.

Similar Backgrounds

Refers to individuals or groups that share comparable upbringing, culture, education, or experiences.

Political Sphere

The domain of society where political activities, including governance, policymaking, and political discourse, occur.

Pluralist Model

A theory suggesting that power in a society is distributed among many groups, leading to a balance that benefits the general public.