The economic way of thinking stresses that
A) greed is the primary motivation for human action.
B) only material goods lead to happiness.
C) an objective value can be attached to physical goods.
D) as the cost of an option increases, people will be less likely to choose that option.

Question

Quizplus · Accepted Answer

The economic way of thinking is based on the idea of rational decision-making, where individuals weigh the costs and benefits of different options before making a choice. As the cost of an option increases, individuals will be less likely to choose that option, which is known as the law of demand. Therefore, option D is the correct choice as it correctly reflects the economic way of thinking. A is incorrect as the economic way of thinking does not assume that greed is the primary motivation for human action. B is incorrect as the economic way of thinking acknowledges that non-material factors such as experiences and relationships can also contribute to happiness. C is incorrect as the economic way of thinking recognizes that value is subjective and can vary across individuals.

The Economic Way of Thinking Stresses That