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Economics may best be defined as: - Social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity The economizing problem is one of deciding how to make best use of: - Limited resources to satisfy virtually unlimited wants. The main function of an entrepreneur is to: - Innovate Macroeconomics approaches the study of economics from the viewpoint of: - The entire economy According to economists, economic self interest: - is a reality that underlies economic behavior. The assertion that "There is no free lunch" means that: - all production involves the use of scarce resources and thus the sacrifice of alternative goods. Al sold gold coins for $1000 that he bought a year ago for $1000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he did lose money, because he could have received a 3 percent return on the $1000 if he had bought a bank certificate of deposit instead of the coins. The economist's analysis in this case incorporates the idea of - opportunity costs "Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity." This statement is: - positive and correct. Economic models: - emphasize basic economic relationships by purposefully simplifying the complexities of the real world.The production possibilities curve illustrates the basic pr