ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economics is the study of money and how to get rich.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
Detailed explanation-2: -False, money is a tool used to facilitate transactions. Resources are used in production, they are used to create something.
Detailed explanation-3: -Many people hear the word “economics” and think it is all about money. Economics is not just about money. It is about weighing different choices or alternatives. Some of those important choices involve money, but most do not.
There is 1 question to complete.