When Economists Are Trying to Explain the World They Are

question 215

True/False

When economists are trying to explain the world they are acting as scientists, and when they are trying to improve it, they are policymakers.

---

Definitions:

Budgeting

The process of creating a plan to spend your money, outlining how much money will be earned and how it will be spent.

Static Planning Budget

A budget based on a fixed level of activity, not adjusted for actual activity levels.

Customers Served

The number of individual customers or clients that a business has provided goods or services to during a specific period.

Total Expenses

Represents the sum of all costs and expenses incurred by a business in a specific period, including both operational and non-operational items.