CA Foundation Exam > CA Foundation Questions > Which of the following is the best general de...
Start Learning for Free
Which of the following is the best general definition of the study of Economics?
- a)Inflation and unemployment in a growing economy.
- b)Business decision making under foreign competition.
- c)Individual and social choice in the face of scarcity.
- d)The best way to invest in the stock market.
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Which of the following is the best general definition of the study of ...
The study of Economics is the analysis of how individuals, businesses, governments, and societies make choices in the face of scarcity. It is concerned with how people allocate their resources to satisfy their wants and needs. The best general definition of Economics is option 'C', which is "Individual and social choice in the face of scarcity." Let's break down this definition and understand it in detail:
Individual and Social Choice: Economics studies the choices made by individuals and groups. It examines how people make choices based on their preferences, constraints, and incentives. For example, a consumer may choose to buy a particular product based on its price, quality, and availability.
Scarcity: Economics recognizes that resources are limited, while wants and needs are unlimited. Scarcity is the central problem of Economics, and it refers to the situation where there are insufficient resources to meet all the wants and needs of individuals and society. For example, there may be limited resources to produce food, clothing, and shelter for everyone.
Allocation of Resources: Economics studies how resources are allocated among competing uses. It examines how societies decide what goods and services to produce, how much to produce, and for whom to produce. It also studies how resources are distributed among individuals and groups.
Conclusion:
In summary, the study of Economics is concerned with how people make choices in the face of scarcity. It examines how resources are allocated among competing uses and how societies decide what goods and services to produce, how much to produce, and for whom to produce. The best general definition of Economics is "Individual and social choice in the face of scarcity."
Individual and Social Choice: Economics studies the choices made by individuals and groups. It examines how people make choices based on their preferences, constraints, and incentives. For example, a consumer may choose to buy a particular product based on its price, quality, and availability.
Scarcity: Economics recognizes that resources are limited, while wants and needs are unlimited. Scarcity is the central problem of Economics, and it refers to the situation where there are insufficient resources to meet all the wants and needs of individuals and society. For example, there may be limited resources to produce food, clothing, and shelter for everyone.
Allocation of Resources: Economics studies how resources are allocated among competing uses. It examines how societies decide what goods and services to produce, how much to produce, and for whom to produce. It also studies how resources are distributed among individuals and groups.
Conclusion:
In summary, the study of Economics is concerned with how people make choices in the face of scarcity. It examines how resources are allocated among competing uses and how societies decide what goods and services to produce, how much to produce, and for whom to produce. The best general definition of Economics is "Individual and social choice in the face of scarcity."
Free Test
FREE
| Start Free Test |
Community Answer
Which of the following is the best general definition of the study of ...
Economic is related to scarcity
human wants are unlimted and means(resources) to satisfy those want are limited therefore human have to make choice from scare means(resource)
here is we have to make choice means scarcity
option (c) is answer because option (c) is talking about scarcity
human wants are unlimted and means(resources) to satisfy those want are limited therefore human have to make choice from scare means(resource)
here is we have to make choice means scarcity
option (c) is answer because option (c) is talking about scarcity
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 of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. Can you explain this answer?
Question Description
Which of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. 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 of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. 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 of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. Can you explain this answer?.
Which of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. 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 of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. 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 of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. Can you explain this answer?.
Solutions for Which of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. 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 of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Which of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Which of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Which of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Which of the following is the best general definition of the study of Economics?a)Inflation and unemployment in a growing economy.b)Business decision making under foreign competition.c)Individual and social choice in the face of scarcity.d)The best way to invest in the stock market.Correct answer is option 'C'. 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