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Introduction to NPO

is the study ...

Question

_________ is the study of how people and society choose to employ scarce resources that could have alternative uses in order to produce various commodities that satisfy their wants and to distribute them for consumption among various persons and groups in society.

A

Economics

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B

Resource allocation

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C

Statistics

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D

Production system

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Solution

The correct option is B Economics
Economics is a social science that studies how society chooses to allocate its scarce resources, which have alternative uses, to provide goods and services for present and future consumption.

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Q. ____________ defined economics as the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternatives uses, to produce various commodities and distribute them for consumption now or in the future among various persons and groups in society.

Q. As per ___________ "Economics is the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses to produce various commodities over time and distributing them for consumption, now or in the future, among various persons or groups in society. It analyses costs and benefits of improving patterns of resource allocation".

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Organisms in a population _______I_______ or _____II______in case of ______III______.

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