Economics Is the Study of the Logic of

question 266

Multiple Choice

Economics is the study of the logic of

• A)rational decisions.
• B)decision-making activities.
• C)ends and means.
• D)choosing options from those available.
• E)All of the responses are correct.

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Definitions:

Stimuli

External factors or events that elicit a physiological or psychological response in an organism.

Drive-Reduction Principle

A theory suggesting that psychological needs create an aroused state that drives an organism to reduce that need by engaging in some behavior.

Acquired Drives

Learned motivations that are not innate but develop through experience, such as a drive for achievement.

Experience

The knowledge or skill acquired through involvement in or exposure to events, situations, or activities over time.