Economics Is Probably Best Defined as the Study of Unintended

question 46

True/False

Economics is probably best defined as the study of unintended consequences.

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Definitions:

Consequential Damages

These refer to indirect losses that result from a breach of contract, which were foreseeable and a direct consequence of the breach, such as lost profits or revenue.

Nominal Damages

Damages that are recoverable when a legal right is to be vindicated against an invasion that has produced no actual present loss.

Economic Loss

Financial damage that a person or entity suffers, which may include lost profits, costs of repair or replacement, and loss of use or opportunity.

Consequential Damages

Damages that are not a direct result of an act but are a secondary consequence, such as loss of future income.