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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?
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?
Most Upvoted Answer
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.
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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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?.
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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