ECONOMICS (CBSE/UGC NET)

ECONOMICS

SCARCITY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Economics is the study of how people seek to satisfy their needs and wants by making choices because of scarce resources.
A
True
B
False
C
Either A or B
D
None of the above
Explanation: 

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.

There is 1 question to complete.