BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Allocating the scarce recourse in such a manner that society’s unlimited wants are satisfied as far as possible
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Giving jobs to poor and backward.
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Guaranteeing that the production occurs in most efficient manner
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All of above
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Detailed explanation-1: -The central problem in economics is that what, how and for whom to produce and it is allocating scarce resources in such a manner that society’s unlimited needs or wants are satisfied as well as possible.
Detailed explanation-2: -The Basic Problem-Scarcity Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose. We have to make trade-offs.
Detailed explanation-3: -The central problem of an economy is allocating scarce resources to meet unlimited wants and needs.
Detailed explanation-4: -The main causes of economic problems are: Scarcity of resources like labour, land, and capital are insufficient when compared to the demand. Human beings’ demands and wants are unlimited and keep multiplying. Therefore, they cannot be satisfied because of limited resources.