ECONOMICS
SCARCITY
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Economics is the study of how people seek to satisfy their needs and wants by making choices.
Detailed explanation-2: -Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
Detailed explanation-3: -Economics is study of how people make choices under conditions of scarcity, and of the results of those choices for society. Economics: Micro and Macro. The study of individual choice under scarcity and its implications for the behavior of prices and quantities in individual markets.
Detailed explanation-4: -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.