Asked by
Patrick Tobler
on Dec 12, 2024
Verified
Economic choice and competitive behavior are the result of
A) scarcity.
B) poverty.
C) public ownership of resources.
D) private ownership of resources.
Competitive Behavior
Actions taken by businesses aimed at gaining an advantage over rivals in the market, often through pricing, innovation, or marketing strategies.
Economic Choice
The decision made by individuals or organizations regarding the allocation of resources or the selection among alternate goods and services.
Public Ownership
Ownership of assets by the government or state, as opposed to private individuals or organizations.
- Understand the fundamental elements and results of making economic choices, including decisions regarding selection and behavior in competitive environments.
Verified Answer
ER
Learning Objectives
- Understand the fundamental elements and results of making economic choices, including decisions regarding selection and behavior in competitive environments.