BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -One of the many definitions of Economics states “Economics is a science that studies the human behaviour as a relation between unlimited ends and the limited means.” Ends = the human needs/wants. Means = resources. Hence, Economics helps us to fulfill the unlimited human needs by using the limited and scarce resources.

Detailed explanation-2: -All the desires and aspirations and motives of humans are known as human wants in economics. And the wants that can be satisfied with goods and services of any kind are economic wants. Like for example food, shelter, clothing, etc are economic human wants.

Detailed explanation-3: -Human wants are unlimited. This means that they are never ending and can never be fully satisfied. Since wants keep on adding, all of them cannot be satisfied due to limited resources. As soon as one want gets satisfied, another one emerges.

Detailed explanation-4: -He defined economics as a science that studies human behaviour as a relationship between ends and scarce means that have alternative uses. Here, ends are the needs and scarce means are the limited resources that can be put to different uses.

Detailed explanation-5: -Economic and Non-Economic Wants: Economic wants are related to commodities and can be satisfied using money. While non-economic wants are something which money and goods cannot suffice, like peace, affection, etc.