BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

BUSINESS ECONOMICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of the following definitions of economics includes the economic concept of ‘ scale of preferences’?
A
Wealth defintion
B
Welfare definition
C
Scarcity definition
D
None of the above
Explanation: 

Detailed explanation-1: -Answer» C. Scarcity definition. View all MCQs in: Micro Economics 1.

Detailed explanation-2: -In economics, the concept of scarcity conveys the opportunity cost of allocating limited resources. Scarce goods are those for which demand would exceed supply if they were free.

Detailed explanation-3: -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-4: -Economics is the study of mankind in the ordinary business of life.-Alfred Marshall. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.-Lionel Robbins. Economics comes in whenever more of one thing means less of another.

Detailed explanation-5: -Robbins has given scarcity definition of economics in these words, “Economics is a science that studies human behaviour as a relationship between limited resources and unlimited wants which have alternative uses".

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