The purpose of economic science is to
A) show people that it is better to want less.
B) encourage people to care more about others.
C) analyze the problems of market economies only.
D) develop principles by which to rank alternative uses of scarce resources.
E) reach consensus on economic goals and objectives

Question

Quizplus · Accepted Answer

The purpose of economic science is to develop principles by which to rank alternative uses of scarce resources. This involves analyzing economic problems and finding solutions to them, as well as studying how markets work and how people make decisions. It is not about encouraging people to want less or care more about others, nor is it limited to analyzing market economies only. Consensus on economic goals and objectives may be a desirable outcome, but it is not the primary purpose of economic science.

The Purpose of Economic Science Is to