Question

Which of the following is not correct? a. The value of the economist’s language lies in its ability to provide you with a new and useful way of thinking about the world in which you live. b. Economists use some familiar words in specialized ways. c. Economics has its own language and its own way of thinking, but few other fields of study do. d. Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms that are part of the economist’s language.

Answer 1

Answer:

C) Economics has its own language and its own way of thinking, but few other fields of study do.

Explanation:

Economics is a social science that studies the exchanges and uses of scarce resources. Every science has its own terms and language, and way of thinking.

For example resources in economics refers to the factors of production (land, labor, capital and entrepreneurship), while resources in geology means the amount of mineral, energy and non-metallic resources that exist in natural reserves or deposits. For economists all resources are scarce and their use must be optimized, while geologists try to determine the amount of resources in a deposit.