Asked by
Kiranjot kaur Saran
on Oct 09, 2024
Verified
The economic perspective entails:
A) irrational behavior by individuals and institutions.
B) a comparison of marginal benefits and marginal costs in decision making.
C) short-term but not long-term thinking.
D) rejection of the scientific method.
Economic Perspective
A viewpoint that emphasizes analyzing problems and making decisions based on economic principles and models.
Marginal Benefits
The boost in pleasure or benefit experienced from the consumption or creation of one extra unit of a good or service.
Marginal Costs
The boost in total charges incurred by producing one more unit of a product or service.
- Comprehend the principle of marginal analysis and its utilization for decision-making.
- Use economic reasoning to scrutinize the decision-making processes of individuals and societies.
Verified Answer
AC
Learning Objectives
- Comprehend the principle of marginal analysis and its utilization for decision-making.
- Use economic reasoning to scrutinize the decision-making processes of individuals and societies.