ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions. Scarcity is sometimes considered the basic problem of economics.

Detailed explanation-2: -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-3: -Economics is the study of how society manages its scarce resources. Economists study how people make decisions about buying and selling, and saving and investing. We study how people interact with one another in markets where prices are determined and quantities are exchanged.

Detailed explanation-4: -Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

Detailed explanation-5: -BusinessEconomicsEconomics is the study of (a) How society manages its unlimited resources.