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Instructions: Identify the Following

question 65

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Richard Allen, African Methodist Episcopal Church


Definitions:

Rational Choice

A theory in economics and sociology that states individuals choose the most advantageous option considering the costs and benefits.

Best Use

The most efficient or effective utilization of a resource or asset in order to achieve the desired result or maximum value.

Resources

Assets, materials, and inputs needed for the production of goods and services, including natural resources, human resources, and capital.

Economics

The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.

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