Which statement describes the term economics?
A. It is the study of using limited resources to fulfill wants and needs.
B. It is the study of how governments fulfill the wants and needs of nations.
C. It is the study of how people spend their money to fulfill wants and needs.

Economics is a field of study that studies human wants and needs, since human wants are desires such as food, clothing, shelter and are unlimited which cannot be fully satisfied. Economics deals with the study of using limited resources to fulfill human wants and needs.

A popular definition in economics by Sir Lionel Robinson defined economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

Which statement describes the term economics? A. It is the study of using limited resources to fulfill wants and needs. B. It is the study of how governments fulfill the wants and needs of nations. C. It is the study of how people spend their money to fulfill wants and needs.

Respuesta :

Otras preguntas

Which statement describes the term economics?
A. It is the study of using limited resources to fulfill wants and needs.
B. It is the study of how governments fulfill the wants and needs of nations.
C. It is the study of how people spend their money to fulfill wants and needs.