The economic way of thinking is
A) a set of historical generalizations that indicates what goods should be produced.
B) a body of statistical data that indicates how an economy should be organized.
C) a set of basic concepts that helps one understand human choices.
D) a set of complex, highly abstract theories that provides persons skilled in statistics with the information necessary to tell others what choices they should make.

Question

Quizplus · Accepted Answer

The economic way of thinking involves understanding human choices through basic concepts such as scarcity, opportunity cost, and incentives, rather than prescribing specific goods or organizational structures.

The Economic Way of Thinking Is