As a Discipline,economics Is Best Described by Which of the Following

question 39

Multiple Choice

As a discipline,economics is best described by which of the following?

• A) the study of how to control the effects of government actions
• B) the study of how to control the preferences of consumers so that there will be enough resources to produce all the goods and services that consumers want
• C) the study of how to use scarce resources to satisfy unlimited wants and needs
• D) the study of how to dispose of excess goods and services that nobody wants
• E) the study of how to maximize profits for firms

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Definitions:

Ethical Principles

The foundational guidelines for moral conduct that help individuals discern right from wrong in their decisions and actions.

Behave Ethically

Acting in a manner consistent with moral principles, standards, and values.

Act Professionally

The expectation for individuals to behave in a manner that is ethical, respectful, and appropriate for a given profession.

Pressure from Below

Influence exerted by lower-level employees or members of an organization, advocating for change or improvements.