Economics Is the Study of How Society Allocates Its Unlimited

question 167

True/False

Economics is the study of how society allocates its unlimited resources.

---

Definitions:

Buyer

An individual or organization that purchases goods or services from a seller for money or its equivalent.

Consumer Surplus

The discrepancy between what consumers anticipate paying for a good or service and the actual cost they bear.

International Trade

The exchange of goods and services between countries, which can increase market competition and lead to better product diversity and lower prices.

World Price

The global market price of a good or service when it is traded internationally.