GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Allocating the scarce recourse in such a manner that society’s unlimited wants are satisfied as far as possible
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Giving jobs to poor and backward.
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Guaranteeing that the production occurs in most efficient manner
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All of above
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Detailed explanation-1: -Given: In economics the central problem is Allocation, Consumption, Scarcity and Money. Solution: The scarcity of resources shows that the choice is made of what to produce, how to produce and for whom to produce is taken in such a manner that the resources are used effectively and efficiently.
Detailed explanation-2: -The central problem in economics is that what, how and for whom to produce and it is allocating scarce resources in such a manner that society’s unlimited needs or wants are satisfied as well as possible.
Detailed explanation-3: -The Basic Problem-Scarcity Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose. We have to make trade-offs.
Detailed explanation-4: -The problem in which an economy has to assign the scarce available resources in a way that the maximum wants of the society are fulfilled is known as the allocation of resources. The need to allocate the resources arise because of the limited availability of resources and unlimited wants of society.