Economics Is BEST Defined as the Science of Choice and How

question 103

Multiple Choice

Economics is BEST defined as the science of choice and how people cope with

• A) scarcity.
• B) differences in wants.
• C) different economic systems.
• D) differences in needs.

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Definitions:

Self-perception

A theory that people develop attitudes and opinions by observing their own behavior and concluding what attitudes must have caused them.

Upward Social Comparison

The process of comparing oneself with others who are perceived to be better off or superior in some way.

Better than Average Effect

A cognitive bias where individuals overestimate their own qualities and abilities compared to others.

Physical Attractiveness

The perception of an individual's physical traits as aesthetically pleasing or beautiful, often influenced by societal standards and personal preferences.