GENERAL KNOWLEDGE

Detailed explanation-1: -One of the many definitions of Economics states “Economics is a science that studies the human behaviour as a relation between unlimited ends and the limited means.” Ends = the human needs/wants. Means = resources. Hence, Economics helps us to fulfill the unlimited human needs by using the limited and scarce resources.

Detailed explanation-2: -In economics, resource is defined as a service or other asset used to produce goods and services that meet human needs and wants. Also referred to as factors of production, economics classifies resources into four categories-land, labour, capital and enterprise.

Detailed explanation-3: -Business economics is a field of applied economics that studies the financial, organizational, market-related, and environmental issues faced by corporations. Business economics encompasses subjects such as the concept of scarcity, product factors, distribution, and consumption.

Detailed explanation-4: -The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-5: -Every society is endowed with resources which are used to produce the goods and services that enable it to survive and prosper. These resources, called productive resources, can be classified into three groups: natural resources, human resources, and capital resources.