ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Study of how people & societies use limited resources to satisfy unlimited wants; management of scarcity & choice.
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The decision by individual of what to do, which necessarily involves decision of what not to do.
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Anything (land, labor, and capital) that can be used to produce something else; including natural resources (from physical environment) and human resources (labor, skill, intelligence).
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None of the above
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Detailed explanation-1: -Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
Detailed explanation-2: -Economics is the study of how we make choices in the face of scarcity and how those choices motivate behavior.
Detailed explanation-3: -Economics is study of how people make choices under conditions of scarcity, and of the results of those choices for society. The study of individual choice under scarcity and its implications for the behavior of prices and quantities in individual markets.
Detailed explanation-4: -It is sometimes said that Economics is the study of humans in the everyday business of life. It’s about how humans go about meeting their needs and pursuing their desires and ambitions. Another useful definition is that Economics is the study of human behaviour in relation to the use and allocation of resources.
Detailed explanation-5: -The study of economics helps people understand the world around them. It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change.