Economics Is Best Defined as the Science of Choice and How

question 143

Multiple Choice

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

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

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Definitions:

Instrumental Values

These are values that are seen as a means to an end, guiding individuals on how to reach their goals or desired outcomes.

Ethical Problems

Challenges or dilemmas that arise when determining the right course of action in situations involving moral values and principles.

Universal Core Values

Fundamental principles or beliefs that are widely accepted and upheld across different cultures and societies.

Human Dignity

The inherent worth of all individuals, which entitles them to be treated with respect and fairness.