Economics Can Best Be Described as

question 14

Multiple Choice

Economics can best be described as

• A)the study of how a society ought to allocate its resources.
• B)the study of the use of scarce resources to satisfy unlimited human wants.
• C)the application of sophisticated mathematical models to address social problems.
• D)a normative science.
• E)the study of how to reduce inflation and unemployment.

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Definitions:

Original Parties

The initial entities or individuals who enter into a contract or agreement.

Restrictive Covenant

Legal agreements restricting certain actions of a party, often related to employment, real estate, and business transactions, to protect business interests.

Residential Use

The utilization of property for living purposes as opposed to commercial or industrial uses.

Industrial Areas

Regions or territories designated for the development and concentration of factories, production facilities, and other industrial operations.