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Economic maybe defined as the science that explains
option-a:the decisions made by households
option-b:the decisions made by politicians
option-c:the choice that we make as we cope with scarcity
option -d:all human behaviour?
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Economic maybe defined as the science that explains option-a:the decis...
Definition of Economics
Economics can be defined as the science that explains the choice that we make as we cope with scarcity.

Explanation

Decisions made by Households
- Economics helps us understand how households make decisions about what goods and services to consume based on their limited incomes.
- It looks at factors such as preferences, budget constraints, and opportunity costs that influence household choices.

Decisions made by Politicians
- Economics also plays a role in explaining the decisions made by politicians and policymakers.
- It helps analyze the impact of policies such as taxation, subsidies, and regulations on the economy and society as a whole.

Choice in Coping with Scarcity
- Scarcity is a fundamental concept in economics, as resources are limited while human wants are unlimited.
- Economics provides insights into how individuals, businesses, and governments make choices to allocate scarce resources efficiently.

All Human Behavior
- While economics primarily focuses on the allocation of resources, it also encompasses a wide range of human behavior.
- It examines how individuals, businesses, and societies interact in markets, make decisions under uncertainty, and respond to incentives.
In conclusion, economics is a versatile discipline that not only explains the choices made by households and policymakers but also delves into the broader aspects of human behavior in the realm of scarcity.
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Similar CA Foundation Doubts

Features of a Mixed Economy:A mixed economy is an economic system that combines elements of both a market economy and a planned economy. It incorporates features of both private enterprise and government intervention. The correct answer is D, as all of the following features are characteristic of a mixed economy:1. Planned economy:A mixed economy includes elements of a planned economy, where the government plays a role in guiding and regulating economic activities. It formulates economic plans and policies to ensure the efficient allocation of resources and to promote economic stability.2. Dual system of pricing:In a mixed economy, there exists a dual system of pricing, which means that both market prices and government-set prices coexist. While market forces determine prices for most goods and services, the government may intervene to regulate prices in certain sectors to protect consumers or promote social welfare.3. Balanced regional development:Another characteristic of a mixed economy is the emphasis on balanced regional development. The government intervenes to ensure that economic growth and development are not concentrated in specific regions or industries but are spread across different regions and sectors. This helps to reduce regional disparities and promote overall economic stability and social welfare.Benefits of a Mixed Economy:A mixed economy offers several benefits due to its combination of market forces and government intervention. Some of these benefits include:1. Economic efficiency:By incorporating market mechanisms, a mixed economy allows for resource allocation based on supply and demand, which promotes economic efficiency. Market forces encourage competition, innovation, and productivity, leading to higher levels of economic growth.2. Social welfare:Government intervention in a mixed economy enables the provision of public goods and services that may not be adequately provided by the market alone. This includes areas such as healthcare, education, infrastructure, and social security, ensuring a certain level of social welfare and equity.3. Stability and regulation:The government's role in a mixed economy helps to maintain economic stability through macroeconomic policies such as fiscal and monetary measures. It also regulates certain sectors to prevent market failures, protect consumer rights, and ensure fair competition.Conclusion:A mixed economy combines the advantages of both market forces and government intervention. It allows for economic efficiency, social welfare, and stability. The features of a mixed economy include elements of a planned economy, a dual system of pricing, and balanced regional development. These features work together to create a system that promotes both economic growth and social welfare.

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Economic maybe defined as the science that explains option-a:the decisions made by households option-b:the decisions made by politicians option-c:the choice that we make as we cope with scarcity option -d:all human behaviour?
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Economic maybe defined as the science that explains option-a:the decisions made by households option-b:the decisions made by politicians option-c:the choice that we make as we cope with scarcity option -d:all human behaviour? 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 Economic maybe defined as the science that explains option-a:the decisions made by households option-b:the decisions made by politicians option-c:the choice that we make as we cope with scarcity option -d:all human behaviour? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Economic maybe defined as the science that explains option-a:the decisions made by households option-b:the decisions made by politicians option-c:the choice that we make as we cope with scarcity option -d:all human behaviour?.
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