The Economic Way of Thinking Includes

question 19

Multiple Choice

The economic way of thinking includes:

• A) more attention paid to benefits rather than the costs involved in any choice.
• B) the assumption that individuals choose to average out some objective.
• C) emphasis on how choices are made at the margin.
• D) the notion that the industrialized nations have solved the problem of scarcity.

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Definitions:

Culture

A society’s or group’s total way of life, including customs, traditions, beliefs, values, language, and physical products—all learned behavior, passed on from parents to children.

Subculture

describes a group within a larger culture that differentiates itself through distinct beliefs, behaviors, or interests, often having its own norms and values.

Naturalistic Observation

Research method in which behavior is studied in natural settings without intervention or manipulation.

Observer Bias

A form of bias that occurs when the presence or expectations of the observer inadvertently influence the behavior of subjects or interpretation of data.