ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The study of how society’s scarce resources are allocated
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The study of human society
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The study of how businesses make money
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The study of how governments make decisions regarding public policy
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The study of financial markets and how to invest in stocks and other financial assets
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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: -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-3: -As scarce resources have a value greater than zero (a ‘positive price tag’), they can be allocated depending on who pays the most for them. One way of obtaining more scarce resources is buying more of them using another scarce resource – money – which means it involves a trade-off of value.
Detailed explanation-4: -The correct option is A Economics is the study of how society chooses to allocate scarce resources. Economics is the study of how society chooses to allocate its scarce resources in order to satisfy unlimited wants.)
Detailed explanation-5: -It state that there is scarcity that is, the availability of limited resources are not enough to satisfy the need want and demand of the society. So the question is that how to control and what to be produced, and how the capital and labor are utilized to remove this type of problems.