Multiple Choice
A _____ is a choice made from available alternatives.
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0. Basic Principles of Economics
Scarcity and Choice
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________ is the study of how individuals and societies make choices under the condition of scarcity.
A
Microeconomics
B
Economics
C
Accounting
D
Macroeconomics
Verified step by step guidance1
Understand the key concept of scarcity: Scarcity means that resources are limited while human wants are unlimited, which forces individuals and societies to make choices.
Recognize that the study of how choices are made under scarcity is the definition of Economics as a whole, encompassing both Microeconomics and Macroeconomics.
Identify that Microeconomics specifically focuses on individual and firm-level decisions, while Macroeconomics looks at the economy as a whole.
Note that Accounting is not related to the study of choices under scarcity; it deals with recording and reporting financial information.
Conclude that the best answer to the question is 'Economics' because it broadly covers the study of decision-making under scarcity.
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