ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.

Detailed explanation-2: -Microeconomics studies how individual consumers and firms make decisions to allocate resources. Whether a single person, a household, or a business, economists may analyze how these entities respond to changes in price and why they demand what they do at particular price levels.

Detailed explanation-3: -economics. the study of how individuals and societies choose to allocate scarce resources. scarcity. the fact that there is a limited amount of resources to satisfy unlimited wants.

Detailed explanation-4: -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.