ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Study of plants and animals in the economy
|
|
|
Study of how currency is printed.
|
|
|
Study of how resources are used to satisfy unlimited wants and needs
|
|
|
Study of socialism, capitalism, imports and exports.
|
Detailed explanation-1: -Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions. Scarcity is sometimes considered the basic problem of economics.
Detailed explanation-2: -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-3: -Economics is the study of mankind in the ordinary business of life.-Alfred Marshall.
Detailed explanation-4: -Definition of Wealth – Adam Smith (1776) Adam Smith. “Economics is the science of wealth” This definition was given by Adam Smith. He is also known as the ‘father of economics. According to this definition, economics is a science of the study of wealth only.
Detailed explanation-5: -Economics: the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.