Economics Is a Science That

question 143

Multiple Choice

Economics is a science that:

• A)​typically uses controlled experiments to learn about consumer and firm behavior.
• B)​uses models that cannot be tested empirically due to the complex nature of the economy.
• C)​explores how choices are made between conflicting wants and desires in a world of scarcity.
• D)​relies entirely upon normative analysis.

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Definitions:

Relate

To establish a connection or find similarities between things, or to empathize and understand someone's experiences or emotions.

Value Chain

A set of activities that a company performs to create value for its customers, from product design to post-sale service.

Open Systems

Organizations or entities that interact with their environment by exchanging information, resources, and energy, adapting and responding to external changes.

Research-Based Facts

Information and findings derived from systematic inquiry into a subject, supported by empirical evidence.