Economics Is Often Described As

question 2

Multiple Choice

Economics is often described as:

• A)the science of choice.
• B)the science of constrained choice.
• C)the science of supply and demand.
• D)the science of market forces.

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Definitions:

Income Going

The flow of earnings or revenue generated from economic activities or investments over a given period.

Labor Force

The total number of people available for work, including both the employed and those actively seeking employment.

Inflation

A general increase in prices and fall in the purchasing value of money.

Total Output

The total quantity of goods and services produced in an economy over a specified period.