Economics Is Best Defined as the Social Science That Studies

question 50

Multiple Choice

Economics is best defined as the social science that studies

• A) how a person can get everything he or she wants.
• B) the reason money exists.
• C) the way to eliminate choices in our decisions.
• D) the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity.
• E) how choices made in the social interest must conflict with choices made in the self-interest.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, preparing the books for the next period.

Zero Balance

Zero balance describes an account status in which the available balance is exactly zero, indicating no funds are currently available or outstanding.

Current Assets

Assets that are expected to be converted into cash, used, or consumed within one year or the operating cycle, whichever is longer.

Long-term Investments

Investments in securities or other assets that a company intends to hold for a period exceeding one year to earn revenue or profit.