ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is study of how people make choices under conditions of scarcity, and of the results of those choices for society.

Detailed explanation-2: -Description: Microeconomic study deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price, the supply and demand.

Detailed explanation-3: -A resource is scarce when its demand by various economic entities exceeds the available amount when the resource price is zero. Moreover, the concept of scarcity is vital in economics because it forces individuals to make choices as they cannot satisfy all their desires in the market.

Detailed explanation-4: -A resource is scarce when the amount people desire exceeds the amount available at a price of zero. The concept of scarcity is important to the definition of economics because scarcity forces people to chose how they will use their resources in an attempt to satisfy their unlimited wants and desires.