BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Lionel Robbins in his book “An Essay on the Nature and Significance of Economic Science”. According to Robbins economics studies human wants and scarce means which have alternative uses. Scarcity of means in relation to unlimited wants leads to the problem of making a choice.

Detailed explanation-2: -Ultimately, economics is the study of choice. Because choices range over every imaginable aspect of human experience, so does economics. Economists have investigated the nature of family life, the arts, education, crime, sports, law-the list is virtually endless because so much of our lives involves making choices.

Detailed explanation-3: -Because our resources are limited, we cannot say yes to everything. To say yes to one thing requires that we say no to another. Whether we like it or not, we must make choices. Our unlimited wants are continually colliding with the limits of our resources, forcing us to pick some activities and to reject others.

Detailed explanation-4: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.

Detailed explanation-5: -Resources are scarce because we live in a world in which humans’ wants are infinite but the land, labor, and capital required to satisfy those wants are limited. This conflict between society’s unlimited wants and our limited resources means choices must be made when deciding how to allocate scarce resources.