GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the best general definition of the study of economics
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The best way to invest in the stock market
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Individual and social choice in the face of scarcity
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Business decision making under foreign competition
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lnflation and employment in a growing economy
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Explanation:
Detailed explanation-1: -Economics, in general, is understood as the study on how individuals and society makes choices in the face of scarcity of resources, having alternative uses, for the attainment of maximum satisfaction.
Detailed explanation-2: -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-3: -Macroeconomics is the study of whole economies–the part of economics concerned with large-scale or general economic factors and how they interact in economies.
There is 1 question to complete.