Economics is best defined as the science of choice and how people cope with
A) differences in wants.
B) differences in needs.
C) scarcity.
D) different economic systems.
Correct Answer:
Verified
Q4: All economic questions arise because we
A) want
Q5: As an economic concept, scarcity applies to
A)
Q6: When an economist talks of scarcity, the
Q7: People must make choices because
A) most people
Q8: An incentive
A) could be a reward but
Q10: Scarcity requires that people must
A) cooperate.
B) compete.
C)
Q11: Scarcity is a situation in which
A) people
Q12: An inducement to take a particular action
Q13: The study of economics
A) focuses mainly on
Q14: Fundamental economic problems basically arise from
A) the
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