When Noah's Parent Tells Him Not to Study Economics Because

question 96

Multiple Choice

When Noah's parent tells him not to study economics because it is a pointless discipline,why is he or she INCORRECT?

• A) The government continues to play a role in our daily lives.
• B) People have the freedom to do whatever they want,and economists have nothing to add to their decision-making process.
• C) Economics is a tool used to understand what happens in a world where there are not enough resources to produce all the goods and services that are wanted and needed.
• D) Economics has nothing to offer in terms of understanding the stock market.
• E) Economics has nothing to offer in terms of understanding government programs like Social Security.

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Definitions:

General Supplies

Basic, essential items required for the operation of a business, office, or for the execution of a task or project.

Unanticipated Shortage

An unexpected deficiency or lack of supply, often referring to situations where resources or items are not available in the needed amount.

Supply Item

A term for any single piece of inventory or material used in the operations or maintenance of a facility or system.

Inventory

A list of supplies used regularly and the quantities in stock.