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 'A'. Can you explain this answer?
Most Upvoted Answer
Which one in the following is not correct:a)There are limited wantsb)M...
Limited Wants
Limited wants refer to the fact that humans have a limited capacity to desire goods and services. This statement is not correct, as human wants are unlimited. People always want more things, or better versions of the things they already have, and this desire can never be fully satisfied.
Means are Scarce
Means refer to the resources that are used to produce goods and services. Scarce means imply that resources are limited in quantity and cannot satisfy all the wants of human beings.
Resources Have Alternative Uses
Resources are scarce, and they can be used for various purposes. Therefore, it is essential to allocate resources efficiently to produce goods and services that can satisfy the maximum wants of people.
Economics is Science
Economics is a social science that studies the production, distribution, and consumption of goods and services. Economics tries to explain how individuals, firms, and governments make choices regarding the allocation of scarce resources to satisfy unlimited wants.
Conclusion
The correct answer is option A, as human wants are not limited, and they keep increasing day by day. The other options are correct and help to explain the fundamental principles of economics. Understanding these principles is essential in making informed decisions related to resource allocation, product pricing, and consumption patterns.
Limited wants refer to the fact that humans have a limited capacity to desire goods and services. This statement is not correct, as human wants are unlimited. People always want more things, or better versions of the things they already have, and this desire can never be fully satisfied.
Means are Scarce
Means refer to the resources that are used to produce goods and services. Scarce means imply that resources are limited in quantity and cannot satisfy all the wants of human beings.
Resources Have Alternative Uses
Resources are scarce, and they can be used for various purposes. Therefore, it is essential to allocate resources efficiently to produce goods and services that can satisfy the maximum wants of people.
Economics is Science
Economics is a social science that studies the production, distribution, and consumption of goods and services. Economics tries to explain how individuals, firms, and governments make choices regarding the allocation of scarce resources to satisfy unlimited wants.
Conclusion
The correct answer is option A, as human wants are not limited, and they keep increasing day by day. The other options are correct and help to explain the fundamental principles of economics. Understanding these principles is essential in making informed decisions related to resource allocation, product pricing, and consumption patterns.
Community Answer
Which one in the following is not correct:a)There are limited wantsb)M...
It means that people never get enough, that there's always something else that they would want or need. Unlimited wants and needs are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources.
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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 'A'. Can you explain this answer?
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