ECONOMICS (CBSE/UGC NET)

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 the allocation of scarce resources. We have infinite desires and wants and only some limited amount of resources to satisfy them. We therefore wish to optimise the production from those scarce resources.

Detailed explanation-3: -In economics, resource allocation is the assignment of available resources to various uses. In the context of an entire economy, resources can be allocated by various means, such as markets, or planning.

Detailed explanation-4: -The resources that we value-time, money, labor, tools, land, and raw materials-exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.

Detailed explanation-5: -Almost 80 years ago, Lionel Robbins proposed a highly influential definition of the subject matter of economics: the allocation of scarce means that have alternative ends.