Economics Is Best Defined as the Social Science That Studies

question 222

Multiple Choice

Economics is best defined as the social science that studies

• A)the way to eliminate choices in our decisions.
• B)the choices that societies,and the people and institutions that make up societies,make in dealing with the issue of scarcity.
• C)how choices made in the social interest must conflict with choices made in the self-interest.
• D)how a person can get everything he or she wants.
• E)the reason money exists.

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Definitions:

Economies Of Scale

Financial advantages gained by businesses from their operational size, wherein the cost for each unit of production typically falls as the scale expands.

Industrial Organization Economics

A branch of economics that deals with the structure, behavior, and performance of industries and firms, including competition and regulation.

Competitive Advantage

The attributes or circumstances that allow a company to produce goods or services better or more cheaply than its competitors.

Structure Characteristics

The inherent attributes and qualities that define the composition and framework of an organization, system, or physical object.