A student in an economics course is aware that the three premises that the study of economics is based upon would involve which of the following?
a. Price elasticity, choice, and scarcity
b. Scarcity, choice, and preference
c. Choice, price elasticity, and preference
d. Price elasticity, scarcity, and cost maximization
B
The three principles upon which the study of economics is based are scarcity (resources exist in
specific finite quantities and the consumption demand is generally greater than the supply), choice
(decisions are made about which commodities or resources to select and produce), and preference
(individual and societal influence impact which items or services are preferred and which are not).
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