The Central Problem in Economics Is That Of

question 33

Multiple Choice

The central problem in economics is that of:

• A) guaranteeing an equal standard of living for every citizen in the country.
• B) allocating scarce resources such that society's unlimited wants are satis?ed in the best
• C) deciding whether a country should adopt a command economy or a market economy.
• D) ensuring that each individual contributes equally to production activities in the economy.

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Definitions:

Defined

Clearly characterized or determined; having a precise meaning.

Competitive Advantage

The attributes that allow an organization to outperform its competitors, such as superior quality, cost advantages, or innovative features.

Short-term Investment

An investment held for less than twelve months before being sold or converted to cash.

Long-term Enterprise

A business or company designed with the intention of achieving objectives and growth over an extended period, focusing on sustainability and long-range planning.