Economics Is Defined as the Social Science That Studies

question 78

Multiple Choice

Economics is defined as the social science that studies

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

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Definitions:

Personal Funds

Money that belongs to an individual and is used for personal, as opposed to business or other external, purposes.

Maintain Secrets

The obligation or practice of keeping information, such as trade secrets or confidential company information, undisclosed.

Business

The coordinated actions and initiatives of persons aimed at the generation and vending of goods and services for financial gain.

Revised Uniform Partnership Act

An updated version of a law guiding the operation of partnerships in the United States, focusing on the management, financial aspects, and dissolution of partnerships.