Question

What is true for economics ?

• A. Economics is based on non economic wants
• B. Economic is based on human wants
• C. Economics is the use of scarce resources
• D. All of the above

Answer 1

The correct option is D All of the above

Economics is a multi dimensional subject which focuses on many aspects of life as it is the science of human behaviour that establishes relationship between human wants and the allocation of scarce resources which has alternative uses for personal gains as well as social welfare which leads to growth and development of the economy.