The Most Basic Concept of Economics Is

question 309

Multiple Choice

The most basic concept of economics is

• A)self-interest.
• B)scarcity.
• C)demand.
• D)rationality.

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Definitions:

Constitutional Convention

A gathering for the purpose of writing a new constitution or amending an existing one.

Articles of Confederation

The first constitution of the United States, which created a loose alliance of sovereign states with a weak central government.

Revolutionary War

A conflict from 1775 to 1783 in which the thirteen American colonies won independence from Great Britain.

Bicameral Legislature

A legislative body composed of two chambers or houses; in the United States, it comprises the Senate and the House of Representatives.