Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity." This statement is: A.positive, but incorrect. B.positive and correct. C.normative, but incorrect. D.normative and correct.

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23-01-2020
Business

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Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity." This statement is: A.positive, but incorrect. B.positive and correct. C.normative, but incorrect. D.normative and correct.

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osondumartins osondumartins · Answer 1 · 2020-01-23T04:42:16+01:00

Answer: B. POSITIVE AND CORRECT.

Explanation: Economics is a social science that deals with the PRODUCTION, DISTRIBUTION AND CONSUMPTION of goods and services,it is also a study of a Consumer Behavior to certain changes taking place in the Economy. It also deals with two main concepts MACROECONOMICS AND MICROECONOMICS.

MACROECONOMICS tries to explain the impact of certain conditions on the Economy as a whole such as INFLATION,DEFLATION, UNEMPLOYMENT etc

MICROECONOMICS deals with the study of changes that occur in as it regards to smaller units of the society or individuals. It includes DEMAND AND SUPPLY etc in the small unit of society or individuals or firms.