BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The study of unemployment
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The study of the Australian economy
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The study of how limited resources are used to meet the unlimited wants of people in society
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The study of GDP
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Detailed explanation-1: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute 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 the study of scarcity and how it affects the use of resources, the production of goods and services, the growth of production and well-being over time, and many other important and complicated issues that affect society.
Detailed explanation-4: -Definition of Economics – Economics is a social science subject that guides the allocation of scarce resources to meet unlimited needs and wants of a given society. The two main branches of Economics are microeconomics and macroeconomics.
Detailed explanation-5: -Complete answer: Lionel Robbins who was a famous economist gave a popular explanation of ends and scarcity in the economy which is known as Robbin’s definition. He defined human needs as ends in the economy that are unlimited.