Assertion: Economics is a social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their unlimited wants.

Reason: Economics is concerned with the production, distribution, and consumption of goods and services.

Explanation:

Economics is a social science that deals with the study of how people choose to use their limited resources to satisfy their unlimited wants. This subject is concerned with the production, distribution, and consumption of goods and services. The assertion and reason given in the question are both correct and interrelated. Let us discuss each point in detail.

Economics as a social science:

Social sciences are those subjects that deal with human society and its functioning. Economics is one of the social sciences that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their unlimited wants. It examines the behavior of people in the economic system and how they interact with each other. It also studies the impact of economic policies on the welfare of society.

Production, distribution, and consumption:

Economics is concerned with the production, distribution, and consumption of goods and services. Production refers to the creation of goods and services using available resources. Distribution refers to the process of getting these goods and services to the consumers. Consumption refers to the use of goods and services by individuals and households. Economics studies how these three activities are interrelated and how they affect the economy.

Allocation of resources:

Resources are limited, but wants are unlimited. Economics studies how individuals, governments, firms, and nations choose to allocate their resources to satisfy their unlimited wants. It examines the trade-offs and choices that people make in their economic decisions. It also studies the impact of these decisions on the economy and the welfare of society.

Conclusion:

In conclusion, economics is a social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their unlimited wants. It is concerned with the production, distribution, and consumption of goods and services. The assertion and reason given in the question are both correct and interrelated.

Assertion: The wages for farm labourers are less in palampur are less than minimum wages.
Reason: Employment is more and farmers are less in palampur.
(a) both A and R is true and R is the correct explanation of A.
(b) both A and R is true but R is not the correct explanation of A.
(c)A is correct but R is false.
(d)A is false but R is correct.
correct option is (a) both A and R is true and R is the correct explanation of A.