Asked by Lindsay Stavnes on Apr 24, 2024
Which of the following statements is correct?
A) Economics is a natural science.
B) In large measure, economics is the study of how people make choices.
C) If poverty was eliminated there would be no reason to study economics.
D) Economic analysis can be used to explain how societies, but not individuals, make decisions.
Natural Science
The branch of science that deals with the physical world, including physics, chemistry, geology, and biology.
Economic Analysis
Economic Analysis is the systematic approach to examining the allocation of resources, encompassing various methods to study economic systems, policies, and principles.
Poverty
is the state of having insufficient material possessions or income for a person's basic needs.
- Distinguish between accurate economic principles and common fallacies.
- Understand the function of economics in evaluating decision-making processes among individuals and communities.
Learning Objectives
- Distinguish between accurate economic principles and common fallacies.
- Understand the function of economics in evaluating decision-making processes among individuals and communities.