CA Foundation Exam > CA Foundation Questions > Which one in the following is not correct:a)T...
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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?
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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.
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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
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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?
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