GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Natural resources will always be scarce
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No matter what the circumstance individual choice always involve a trade off
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Individuals choose the alternative for which they believed the net gains to be the greatest
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Individuals are capable of establishing goals and acting in a manner consistent and achievement of those goals
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Detailed explanation-1: -b)Individuals are capable of establishing goals and acting in a manner consistent with achievement of those goals. c)Individuals choose the alternative for which they believe the net gains to be the greatest. d)No matter what the circumstances, individual choice always involves a trade-off. Correct answer is ‘C’.
Detailed explanation-2: -The fundamental problem in economics is that resources are limited; yet needs, wants, and desires are unlimited. This is summed up by the concept of a. money.
Detailed explanation-3: -Scarcity refers to the finite nature and availability of resources while choice refers to people’s decisions about sharing and using those resources. The problem of scarcity and choice lies at the very heart of economics, which is the study of how individuals and society choose to allocate scarce resources.
Detailed explanation-4: -Choice refers to the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options. Being free to chose is regarded as a fundamental indicator of economic well being and development.