Economics Is the Study of

question 200

Multiple Choice

Economics is the study of

• A) how to own as many resources as possible.
• B) ceteris paribus.
• C) the way people think rather than the way they act.
• D) how people allocate their limited resources to satisfy their unlimited wants.

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Definitions:

Budget Constraint

An economic model representing all the combinations of goods and services a consumer can afford, given their income and the prices of goods.

Income

The financial gain or money received by an individual or household from various sources like work, investments, or transfers, over a period of time.

Apples

A popular fruit known for its variety and nutritional value often used in culinary dishes and beverages.

Bananas

A tropical fruit with soft, creamy flesh, protected by a yellow or green peel, widely consumed worldwide and rich in nutrients.