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.

Distinguish between internal and external data sources and their uses in organizations.

Identify different metric types (continuous, discrete) and their applications.

Comprehend the process and importance of measurement in obtaining data.

Apply knowledge of data types and sources to evaluate business performance and decision-making.

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Definitions:

Accounts Receivable

Money that is owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Marginal Tax Rate

The rate at which the last dollar of a taxpayer's income is taxed, indicating the percentage of tax applied to their highest dollar of income.

Average Tax Rate

The proportion of total income that a taxpayer pays in taxes, calculated by dividing the total taxes paid by the total taxable income.

Taxable Income

The amount of income that is used to calculate how much tax an individual or a company owes to the government.