BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -1. Growth-orientation: Economic growth is measured by the change in national output over time. The definition says that, Economics is concerned with determining the pattern of employment of scarce resources to produce commodities ‘over time’.

Detailed explanation-2: -These are – production, consumption, and distribution of goods and services. Ans. Adam Smith defined economics as the “science of wealth.” The definition implies that the economy is determined by the wealth generated when people produce valuable commodities that are consumed. Ans.

Detailed explanation-3: -The correct answer is Increase in per capita real GDP over time. Economic growth is an increase in the production of goods and services in an economy.

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.