Business, 01.09.2021 16:30 Naysa150724

The "economic way of thinking" can be objectively proved to be the right approach to all of life's problems. is simply optimizing or choosing the best alternative in a situation of scarcity. is universally recognized as the best and only way to solve problems of scarcity. means that people should compare the consequences of alternative actions or choices and select the one that maximizes net benefits (net of costs). is not an acceptable approach to life according to many philosophers, because they claim that some things, such as human life, should not be subject to this kind of calculation of costs and benefits. does not apply to choices involving human life. is about comparing the consequences of alternative actions or decisions and choosing the one that optimizes an objective or preference function. is also called "economic rationality".

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