Because Resources Are Scarce Relative to Wants, the Study of Economics

question 232

Multiple Choice

Because resources are scarce relative to wants, the study of economics concerns

• A) how money is important to people.
• B) how individuals, businesses, and governments make choices.
• C) how money is used to buy what people want.
• D) None of the above are correct.

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Definitions:

Focus Groups

Structured group discussions used to gather participants' attitudes, feelings, beliefs, and reactions to a specific subject or area of interest.

Experiments

Research procedures carried out under controlled conditions and based on the technique of manipulating one or more variables in hopes of observing an effect. Typically, an experimental condition is applied to one group, and the results are compared with those from another group (control group) that has had no experimental treatment.

Operationalization

The process of defining a fuzzy concept so as to make the concept measurable and to understand it in terms of empirical observations.

Hawthorne Effect

The effect that researchers themselves may have on an experimental group. The effect is named after an organizational study in which employees were found to be responding to the perceived interest of management rather than to the experimental condition itself.