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Use the following to answer questions:
Select the word or phrase from the Terms section that best matches the definition or example provided in the Definitions section.
Terms
-A process of centralization that took place in the First Civilizations, growing out of the greater complexity of urban life and the need for coordination, regulation, adjudication, and military leadership.
Normative Economic Statements
Assertions about what ought to be in the economy, reflecting judgments and prescriptions for economic policy.
Positive Economic Statements
Statements that can be tested and validated; they describe the world as it is versus how it should be.
Opinion
A personal view, attitude, or appraisal.
Rational Behavior
The theory that individuals make decisions based on maximizing their own benefit or utility, considering all available information and the potential costs and benefits.
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