GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Wealth defintion
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Welfare definition
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Scarcity definition
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None of the above
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Detailed explanation-1: -Answer» C. Scarcity definition. View all MCQs in: Micro Economics 1.
Detailed explanation-2: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
Detailed explanation-3: -These are – production, consumption, and distribution of goods and services. Ans. Adam Smith defined economics as the “science of wealth.” The definition implies that the economy is determined by the wealth generated when people produce valuable commodities that are consumed. Ans.
Detailed explanation-4: -Robbins has given scarcity definition of economics in these words, “Economics is a science that studies human behaviour as a relationship between limited resources and unlimited wants which have alternative uses".