BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Science
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Art
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Both (1) and (2)
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Neither (1) Nor (2)
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Detailed explanation-1: -The two major economic systems in modern societies are capitalism and socialism. In practice, no one society is purely capitalist or socialist, so it is helpful to think of capitalism and socialism as lying on opposite ends of a continuum.
Detailed explanation-2: -Hence, Economics is a science like any other science that has its own generalisations, theories or laws which traces out a casual relationship between two or more phenomenas. Economics as an Art. The practical application of scientific techniques is the Art of Economics.
Detailed explanation-3: -Economics is a study of the usage of resources and how we can make those resources valuable under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services.
Detailed explanation-4: -Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.