Asked by
Gyasi Bromley
on Nov 11, 2024
Verified
Economics:
A) studies human behavior when scarcity exists and choices must be made.
B) provides the only reasonable explanation of how people make decisions.
C) can accurately explain all human behavior since it is based on the assumption of rationality.
D) is better at showing the way things ought to be than the other social sciences.
E) is the only social science that can explain the existence and behavior of public institutions.
Scarcity
The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
Choices
The selection between alternative courses of action in decision-making scenarios.
Rationality
The quality of being based on or in accordance with reason or logic, often associated with decision-making processes that are efficient or optimal.
- Capture the fundamental aspect of scarcity and its vital importance in the study of economics.
Verified Answer
ES
Learning Objectives
- Capture the fundamental aspect of scarcity and its vital importance in the study of economics.