GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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EconomicActivity
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Economics
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Business
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None of the above
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Detailed explanation-1: -1 An Economic Way of thinking Economics-the study of the choices people make to satisfy their needs and wants.
Detailed explanation-2: -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.
Detailed explanation-3: -Needs and wants are an important part of an economy. Needs are things that people require to survive. Food, water, clothing, and shelter are all needs. If a human body does not have those things, the body cannot function and will die. Wants are things that a person would like to have but are not needed for survival.