GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How the limited resources are allocated to satisfy human wants
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How individuals, consumers and firms make economic decisions
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How a government manages its domestic economy, and how the global economy operates
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How a business is organised and run to achieve its corporate goals
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Detailed explanation-1: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources.
Detailed explanation-2: -Since human wants are unlimited, and resources used to satisfy those wants are limited-there is scarcity.
Detailed explanation-3: -LIMITED RESOURCES: A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services.
Detailed explanation-4: -economics. the study of how individuals and societies choose to allocate scarce resources. scarcity. the fact that there is a limited amount of resources to satisfy unlimited wants.