The Most Fundamental Concepts Underlying the Discipline of Economics Are

question 60

Multiple Choice

The most fundamental concepts underlying the discipline of economics are:

• A) scarcity and making an efficient choice.
• B) supply and demand.
• C) money, stocks and bonds.
• D) inflation and unemployment.

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Definitions:

Inhibit Impulse

The psychological mechanism through which an individual restrains or controls their instincts or desires.

Goal-directed Behaviors

Represents actions that are performed with a specific outcome or goal in mind.

Immediate Reward

A benefit received directly following a certain action or behavior, which can reinforce the behavior and encourage its repetition.

Intrinsic Motivation

Intrinsic motivation is the drive to act for the enjoyment or satisfaction derived from the activity itself, rather than external rewards.