Economics Is the Study of People Making Choices Faced with the Problem

question 232

True/False

Economics is the study of people making choices faced with the problem of unlimited wants and limited resources.

---

Definitions:

Minor

A minor is a person who is under the age of legal majority, and thus is considered incapable of certain legal decisions and responsibilities.

Sole Proprietors

Individuals who own an unincorporated business by themselves, assuming complete responsibility for the business’s assets and liabilities.

Subagents

Agents appointed by another agent with the primary agent's permission and acting on behalf of the original client within the scope of the delegated authority.

Two-party Relationship

A contractual or legal relationship involving exactly two parties, often referring to agreements, negotiations, or transactions.