Asked by
bryanna content
on Dec 12, 2024
Verified
Which of the following is part of the economic way of thinking?
A) Opportunity costs will always be incurred when scarce resources are used to produce a good.
B) When the cost of an option increases, individuals will be less likely to choose it.
C) In addition to their immediate direct effects, economic actions often generate secondary effects that are observable only after the passage of time.
D) All of the above are part of the economic way of thinking.
Opportunity Costs
The cost of missing out on the top alternative by deciding on another option.
Scarce Resources
Natural, human, and artificial resources that are limited in supply and cannot satisfy all human wants and needs.
Secondary Effects
The unintended consequences of economic actions, which can occur as indirect results of a policy or event.
- Acquire knowledge of the essential aspects of economic theory and the perspective on economic analysis.
Verified Answer
KC
Learning Objectives
- Acquire knowledge of the essential aspects of economic theory and the perspective on economic analysis.