ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The correct answer is how society manages its scarce resources. Economics is best defined as the study of how society manages its scarce resources.

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: -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-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.

Detailed explanation-5: -The correct answer is b. Economics seeks to study how people make choices and it focuses on the allocation of scarce resources to unlimited needs. Economics addresses the issues of production, distribution, and consumption of wealth using different theories such as the theory of production and the theory of markets.