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Author Question: Which of the following terms describes the situation in which all resources are able to move to to ... (Read 31 times)

jenna1

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on: Jun 29, 2018
Which of the following terms describes the situation in which all resources are able to move to to highest-valued uses via voluntary exchange?
 
  A) government intervention
  B) a market failure
  C) economic efficiency
  D) an externality

Question 2

Explain the study of economics.
 
  What will be an ideal response?


bblaney

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

Economics is the study of how people allocate their limited resources in an attempt to satisfy their unlimited wants. Because of this contrast between limited resources and unlimited wants, economics is the study of how people make choices.


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jenna1

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Reply #2 on: Jun 29, 2018
Thank you :)


bblaney

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Reply #3 on: Jun 29, 2018
Happy to help you


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