CA Foundation Exam > CA Foundation Questions > Which one in the following is not correct:a)T...
Start Learning for Free
Which one in the following is not correct:
- a)There are limited wants
- b)Means are scarce
- c)Resources have alternative uses
- d)Economics is science
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Which one in the following is not correct:a)There are limited wantsb)M...
Incorrect Statement: Limited Wants
Explanation:
- Economics is the study of how individuals, firms, governments, and societies allocate their scarce resources to satisfy their unlimited wants.
- The central problem of economics is scarcity, which means that individuals and society have unlimited wants but limited resources to fulfill those wants.
- Therefore, the correct statement is that our wants are unlimited, not limited.
- People always have more wants than they can satisfy with available resources, which creates a need for choices and trade-offs.
- In other words, people must prioritize and make choices about which wants to satisfy and which to forgo.
- This is the fundamental concept of economics and the reason why it is called the science of scarcity.
Conclusion:
- The incorrect statement is option 'A', which says that there are limited wants.
- The correct statement is that our wants are unlimited, but our resources are limited, and we must make choices to allocate them efficiently.
- This is the essence of economics, and understanding this concept is crucial for anyone who wants to understand how the economy works.
Explanation:
- Economics is the study of how individuals, firms, governments, and societies allocate their scarce resources to satisfy their unlimited wants.
- The central problem of economics is scarcity, which means that individuals and society have unlimited wants but limited resources to fulfill those wants.
- Therefore, the correct statement is that our wants are unlimited, not limited.
- People always have more wants than they can satisfy with available resources, which creates a need for choices and trade-offs.
- In other words, people must prioritize and make choices about which wants to satisfy and which to forgo.
- This is the fundamental concept of economics and the reason why it is called the science of scarcity.
Conclusion:
- The incorrect statement is option 'A', which says that there are limited wants.
- The correct statement is that our wants are unlimited, but our resources are limited, and we must make choices to allocate them efficiently.
- This is the essence of economics, and understanding this concept is crucial for anyone who wants to understand how the economy works.
Free Test
FREE
| Start Free Test |
Community Answer
Which one in the following is not correct:a)There are limited wantsb)M...
Human beings have unlimited wants. Out of the given statements, option A is only wrong and it is the answer
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer?
Question Description
Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer?.
Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Which one in the following is not correct:a)There are limited wantsb)Means are scarcec)Resources have alternative usesd)Economics is scienceCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup