Because Resources Are Scarce Relative to Wants, the Study of Economics

question 232

Multiple Choice

Because resources are scarce relative to wants, the study of economics concerns

• A) how money is important to people.
• B) how individuals, businesses, and governments make choices.
• C) how money is used to buy what people want.
• D) None of the above are correct.

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Definitions:

Competing

A conflict management style using formal authority or other power that you possess to satisfy your concerns without regard to the concerns of the party that you are in conflict with.

Conflict Management

A process aimed at reducing or eliminating sources of conflict through various strategies and problem-solving techniques.

Formal Authority

A form of power that is recognized and sanctioned by laws and regulations, and is given to individuals in specific roles or positions within a structured organization.

Legal

Pertaining to the law or the set of rules that are enforced through social institutions to govern behavior.