The Study of Economics Focuses On

question 50

Multiple Choice

The study of economics focuses on:

• A) The behavior of successful businesses.
• B) The role of money in our economy.
• C) How best to allocate scarce resources.
• D) The elimination of opportunity costs.

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Definitions:

Downsizing

Planned elimination of jobs

Outsourcing

The practice of hiring external firms to perform tasks, handle operations, or provide services that are either difficult to manage or outside the company's expertise.

Reengineering

The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical measures of performance.

Statistical Method

A technique or procedure applied to numerical data for the purpose of analyzing, interpreting, or explaining statistical phenomena.