Question

Which of the following comes under practical purpose of study of economics?

• A. Producers making optimum use of the resources so that they can earn profits
• B. Seller can determine the prices with the knowledge of economics
• C. Understanding the evolution of Human Being
• D. Option A and B

Answer 1

The correct option is D Option A and B

Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people to make money. Producers can make best use of resources to earn profits, a seller can determine the price with knowledge of economics, but evolution of a human being cannot be known by economics.