Economics is the study of how A

Business Dec 25, 2020

Economics is the study of how

A. people make money.

B. psychology influences preferences.

C. people make choices preferences are determined.

Expert Solution

The correct answer is C. people make choices preferences are determined.

For instance, in the production of commodities, there are uses of resources that are scarce, and the appropriate allocation of resources is required. Hence people must make tough choices in determining what to preference in production based on the available resources.

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