BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
history
|
|
|
economics
|
|
|
social studies
|
|
|
psychology
|
Detailed explanation-1: -Economics: the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.
Detailed explanation-2: -The resources that we value-time, money, labor, tools, land, and raw materials-exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.
Detailed explanation-3: -’Scarcity of resources’ implies that there are unlimited wants to be fulfilled by limited resources. The basic concern of an economy is to allocate the scarce resources to the best possible use in the face of unlimited wants. Thus, the problem of scarcity forces an economy to make a choice among various alternatives.
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.