Economics is the study of how to eliminate scarcity associated with the goods and services we produce . ... Economics is the study of how people choose to allocate their scarce resources to satisfy their unlimited wants.
Which is the best definition of economics?
A standard definition of economics could describe it as: a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. We can go further to state that: economics is about the study of scarcity and choice .
Which of the following is the correct definition of economics *?
Economics is a social science subject which deals with how people interact with each other given the resources they have.It deals with consumption, production and distribution decisions and the choices which comes with it.
Which of the following is the best definition of the study of economics *?
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.
What is economics in your own words?
Economics is a social science concerned with the production, distribution, and consumption of goods and services . It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.
Who is known as the father of economics?
Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. Smith is most famous for his 1776 book, “The Wealth of Nations.”
Which is the best definition of economics and why?
Answer: economic is the social science that deals with production & consumption of goods and services. Explanation: in this generation people want to produce more and more goods and consumer want to consume more goods so this definition is best.
Is money a factor of production?
In economics, capital typically refers to money. However, money is not a factor of production because it is not directly involved in producing a good or service. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or to pay wages.
Which of these is the best definition of GDP?
gross domestic product (GDP), total market value of the goods and services produced by a country’s economy during a specified period of time.
What is GNP of a country?
Gross national product (GNP) is an estimate of the total value of all the final products and services turned out in a given period by the means of production owned by a country’s residents.
Which state is the best definition of economics economics is the study of?
Terms in this set (20) Which statement best defines the term economics? Economics is the study of the production and distribution of goods and services .
What are the 10 definition of economics?
Economics is the “study of how societies use scarce resources to produce valuable commodities and distribute them among different people.” ( Paul A. Samuelson 1948) 10. economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures .
What is economics and its importance?
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. ... Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency.
What is a simple definition of economy?
An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated . In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.
Who is the mother of economics?
Amartya Sen has been called the Mother Teresa of Economics for his work on famine, human development, welfare economics, the underlying mechanisms of poverty, gender inequality, and political liberalism.
Who is the founder of economics class 11?
Adam Smith is known as the father of Economics.
