Economics Is the Study of How Society Allocates Its Unlimited

question 167

True/False

Economics is the study of how society allocates its unlimited resources.

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Definitions:

Ethical Egoism

The ethical theory that suggests individuals should act in their own self-interest and that this can lead to optimal outcomes for society.

Duty-Based

An ethical framework that emphasizes the importance of fulfilling obligations, duties, or rules as the basis for moral action, regardless of the consequences.

Consequentialist

An ethical theory that judges whether an act is right or wrong based on the consequences that result from the action, rather than the action's intrinsic nature or the intentions behind it.

Care-Based

An ethical perspective that emphasizes the importance of interpersonal relationships and the responsibility to care for others.