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What is the study of how unlimited needs are met by the effective use of limited resources called?
What is the study of how unlimited needs are met by the effective use of limited resources called?
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Solution
The correct option is B Economics
The study of how unlimited needs are met by the effective use of limited resources like time, money, labour, and land is known as economics. As resources are limited, needs have to be prioritised. Economics studies the production, distribution, exchange, and consumption of goods and services.
The study of how unlimited needs are met by the effective use of limited resources like time, money, labour, and land is known as economics. As resources are limited, needs have to be prioritised. Economics studies the production, distribution, exchange, and consumption of goods and services.
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