ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: Consumers satisfy their wants through purchasing goods and services for consumption purposes. In the global market, the satisfaction of needs and wants is achieved through international trade.

Detailed explanation-2: -Distribute scarce resources-such as money, land, equipment, or labor-in order to satisfy the greatest number of needs and wants.

Detailed explanation-3: -Production is the process of combining various inputs to make something for consumption. It is the activity of creating an output, a good or a service that has value and contributes to the utility of individuals. The goods produced help satisfy human needs and wants.

Detailed explanation-4: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.

Detailed explanation-5: -Businesses must satisfy needs and wants of their consumers in order to be successful on the market. Also, the success of a business activity will depend on supplying a product or service that consumers need and want to buy.