Economics Can Usefully Be Defined as

question 49

Multiple Choice

Economics can usefully be defined as

• A)the process by which goods are sold in free markets.
• B)the study of how government can most effectively raise funds through taxation.
• C)the study of how people allocate limited resources to try and satisfy their many wants.
• D)the study of individual self-interests.

---

Definitions:

Property Taxes

Taxes paid by property owners, based on the assessed value of their real estate, used primarily to fund public services like education and infrastructure.

Depreciation

The process of allocating the cost of tangible assets over their useful lives for accounting and tax purposes, reflecting the asset's consumption, wear and tear.

Maintenance

The act of keeping property or equipment in good repair and working condition through regular upkeep and repairs.

Utilities

Services such as water, electricity, gas, and sewer services that are essential for the operation of homes and businesses.