A Variable (Or Field or Attribute)is a Characteristic of Members

question 8

True/False

A variable (or field or attribute)is a characteristic of members of a population,whereas an observation (or case or record)is a list of all variable values for a single member of a population.

---

Definitions:

Economic Self-interest

The motivation to act in a way that results in the greatest personal benefit or profit.

Economic Behavior

The study of how individuals make decisions to allocate resources under conditions of scarcity.

Selfishness

A trait characterized by concern with one's own interests, often disregarding others' well-being or desires.

Utility

The satisfaction or benefit that a consumer receives from consuming a good or service.