GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economists are mostly interested in money.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -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-2: -The given statement is true. A market economy is the opposite of a command economy. Here, factors of production are owned privately by the firms and businesses that use them to produce the commodities for the marketplace. There is private ownership of production factors involved in voluntary exchanges of commodities.
There is 1 question to complete.