CameraIcon

SearchIcon

MyQuestionIcon

2

You visited us 2 times! Enjoying our articles? Unlock Full Access!

Choices

Which one of ...

Question

Which one of the following is the most accurate definition of economics?

A

Economics is the study of stocks and bonds.

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Economics is the study of how people allocate unlimited resources.

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Economics is the study of how consumers choose to spend their income.

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Economics is the study of how society chooses to allocate scarce resources.

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is D Economics is the study of how society chooses to allocate scarce resources.
Economics is the study of how society chooses to allocate its scarce resources in order to satisfy unlimited wants.)

Suggest Corrections

thumbs-up

3

Similar questions

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".

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. ___________ is that branch of economics that concern how individual households ad firms takes economic decisions to allocate scarce resources.

Q. _________ 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.

Q. According to __________ Economics is the "the study of how in a civilised society one obtains the share of what other people have produced and of how the total product of society changes and is determined."

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Scarcity and Choice

ECONOMICS

Watch in App

explore_more_icon

Explore more

Standard XI Economics

Join BYJU'S Learning Program

CrossIcon