BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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demonstrating that capitalistic economies are superior to socialistic economies.
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determining the most equitable distribution of society’s output.
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keeping private businesses from losing money.
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choices/decisions that are made due to lack of resources
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Detailed explanation-1: -Economics is primarily concerned with resource choices, but the various elements that effect the availability of these resources is also an important factor. Economics is the study of the means by which people gain their resources and how they use their resources.
Detailed explanation-2: -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.
Detailed explanation-3: -Economics is study of how people make choices under conditions of scarcity, and of the results of those choices for society. Economics: Micro and Macro. The study of individual choice under scarcity and its implications for the behavior of prices and quantities in individual markets.
Detailed explanation-4: -Lionel Robbins was a British economist who proposed a very scientific definition of economics where he emphasized on making choices from various alternative uses of the scarce resources in order to maximize the satisfaction achieved by the people on fulfillment of their wants.
Detailed explanation-5: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.