ECONOMICS (CBSE/UGC NET)

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ECONOMICS

ECONOMIC DEVELOPMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
X. Economics is a science which deals with the relationship between ends and scarce means which have alternative uses.Y. It is the study of how societies use scarce resources to produce valuable commodities
A
A
B
B
C
C
D
D
Explanation: 

Detailed explanation-1: -Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Economics comes in whenever more of one thing means less of another.

Detailed explanation-2: -According to him, economics is a science that studies human behavior as a relationship between ends and scarce means which have alternative uses. We study those wants of people which are concerned with goods and services. And there is no limit to these wants and all of them cannot be satisfied due to scarce resources.

Detailed explanation-3: -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.

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