ECONOMICS
OPPORTUNITY COST
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
economics
|
|
|
services
|
|
|
producers
|
|
|
goods
|
Detailed explanation-1: -The statement, “Economics is the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through careful use of relatively scarce resources, ” is True.
Detailed explanation-2: -Economics is the social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources. Economics studies a variety of topics covering both macro and microeconomics.
Detailed explanation-3: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources.
Detailed explanation-4: -Economics is the study of the use of scarce resources to satisfy unlimited human wants.