Economics Is the Social Science Concerned with the Best Use

question 3

True/False

Economics is the social science concerned with the best use of scarce resources to achieve maximum satisfaction of economic wants.

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Definitions:

Act of Court

A formal decision, order, or judgment handed down by a court of law.

Operation of Law

Changes in legal rights or status that occur automatically due to established legal rules, without the need for action by the parties involved.

Limited Liability

A legal structure for businesses where owners' personal financial liability is restricted to the amount they have invested in the company.

Certificate of Limited Partnership

A legal document filed with a state government to establish the existence of a limited partnership.