Economics Is the Only Social Science and the Only Business

question 105

True/False

Economics is the only social science and the only business discipline for which the Nobel Prize is awarded.

Recognize the distinction between normal and inferior goods, and how their demand curves behave.

Appreciate the significance of the concept of diminishing marginal utility and its implications for consumer choice.

Analyze the conditions under which the demand curve for certain goods may slope upwards (Giffin goods).

Evaluate the implications of price changes on consumer welfare through the lens of income effect.

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Definitions:

Professional Ethics

Moral principles and standards that govern behaviors and actions within a professional context.

Prescribes Behavior

This term is about directing or recommending specific actions or conduct, often used in a therapeutic or behavioral intervention context.

Ethics

The branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong behavior.

Right And Wrong

Philosophical concepts that define behaviors or actions as acceptable or unacceptable based on moral, ethical, or legal standards.