The Primary Objective of Economics Is

question 82

Multiple Choice

The primary objective of economics is

• A) to learn how to create more resources.
• B) to study how people make choices with limited resources.
• C) to learn how to make the most profits with a given amount of resources.
• D) to study why some people are never happy with the resources they have.

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Definitions:

Project

A temporary endeavor undertaken to create a unique product, service, or result.

Payback Criterion

A capital budgeting method that measures the time required to recoup the initial investment in a project.

Mutually Exclusive

Referring to events or choices that cannot occur or be taken simultaneously; selecting one option excludes the availability or selection of the other.

Payback Cutoff

The maximum acceptable period within which an investment should recover its initial costs, used as a criterion for investment decisions.