Which of the following best describes Economics?

Study of means and wants

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Study of production, distribution and consumption of goods and services

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Study of economic problems

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Study of national income and GDP

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Solution

The correct option is D Study of production, distribution and consumption of goods and services
Study of production,distribution and consumption of goods and services in an economy is known as economics. Economics deals with the problem of choice,that is, allocating of scarce resources to alternative uses.

Suggest Corrections

	Group-A		Group-B
(1)	Agriculture	(a)	Total many value of goods and services
(2)	Economic Development	(b)	Indicates economic welfare
(3)	Economic Growth	(c)	Primary sector
(4)	Industry	(d)	Secondary sector
(5)	National Income	(e)	Deliberate and planned
(6)	Per Capita Consumption	(f)	Natural growth