Which Is the Best Definition of Economics

question 35

Multiple Choice

Which is the best definition of economics?

• A)Assets that can be traded for different assets
• B)Income and outgo of monies
• C)Science of allocation of resources
• D)Study of goods,services,talents,and transportation

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Definitions:

Business Organization

A legal entity formed to conduct business, including structures like corporations, partnerships, and sole proprietorships.

Federal Income Tax

A tax levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.

Sole Member

The only individual in ownership or participation of an entity, such as a single-member LLC.

Taxed As

The classification or manner in which a financial transaction or entity is subjected to taxation by governing authorities.