Economics Provides a Theory to Explain

question 24

Multiple Choice

Economics provides a theory to explain:

• A) how successful business can be started.
• B) how managers can cheat and get away with it.
• C) how people make choices.
• D) how to compete in the market.

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Definitions:

Individualism

A belief system that advocates for individual liberties and actions rather than oversight by collective entities or the government.

Ethics

Moral principles that govern a person's behavior or the conducting of an activity, often determining what is good or acceptable in society or a profession.

Myers-Briggs Type Indicator

A psychological assessment tool that categorizes individuals into personality types based on their preferences in perception and decision-making.

Utilitarian Principle

An ethical framework suggesting that the best course of action is the one that maximizes overall happiness or well-being and minimizes harm or suffering.