Business, 17.01.2020 18:31 veronica022

Economists have a particular perspective on the decisions that are made in our economy. determine whether the statements relating to the "economic perspective" are true or false.

1. resources are limited and wants are virtually unlimited. so, economic wants exceed society's productive capacity to satisfy those wants.

2. economics is concerned with how people, organizations, and society make optimal choices under conditions of scarcity.

3. to obtain more of one good, society sacrifices the opportunity to obtain other, alternative goods. this sacrifice is called the opportunity cost.

4. economics assumes that people act rationally and in their own self-interest.

5. economics equates rational self-interest with selfishness.

6. economics focuses on average analysis, a comparison of average benefits with average costs, as the method for making economic decisions. true true true false

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Economists have a particular perspective on the decisions that are made in our economy. determine wh...

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