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Homework answers / question archive / Economics is the study of how (a) preferences are determined
Economics is the study of how
(a) preferences are determined.
(b) psychology influences preferences.
(c) people make money.
(d) people make choices.
Economics is a way of thinking about how people make decisions given that there are scarce resources. It helps individuals make useful economic decisions. So, economics is the study of how people make choices.
