GENERAL KNOWLEDGE

Detailed explanation-1: -Since wants are numerous and means are scarce, we have to choose the most urgent wants from these unlimited wants. Hence, the consumer will select few wants according to his preference pattern. Thus, scarcity of resources makes the choice necessary. Hence, Economics is termed as a science of choice.

Detailed explanation-2: -Ultimately, economics is the study of choice. Because choices range over every imaginable aspect of human experience, so does economics. Economists have investigated the nature of family life, the arts, education, crime, sports, law-the list is virtually endless because so much of our lives involves making choices.

Detailed explanation-3: -Because our resources are limited, we cannot say yes to everything. To say yes to one thing requires that we say no to another. Whether we like it or not, we must make choices. Our unlimited wants are continually colliding with the limits of our resources, forcing us to pick some activities and to reject others.

Detailed explanation-4: -Lionel Robbin, another British economist, defined economics as the subject that studies the allocation of scarce resources with countless possible uses.

Detailed explanation-5: -Economics is a science which deals with human wants and their resources. Humant wants are infinite relative to the scarce resources. Humans act rationally to derieve maximum utility from these given resources. Economics focuses on the production, distribution and consumption of these scarce resources.