What is the definition of Economics according to the text?
Economics is the study of how people in each country or group of countries use or manag...
What is the definition of Economics according to the text?
Economics is the study of how people in each country or group of countries use or manage their limited resources in order to produce goods and services and distribute them for consumption among members of society so that they satisfy their needs. The purpose of economics is to outline a prosperity project for individuals and society, analyzing solutions for efficiency in the production, distribution, supply and demand of goods and services. The economic activity is the use of resources that people make to face scarcity and generate wealth. Economizing is making the best use of the available, limited resources in the face of needs. Optimizing is evaluating the best use of resources and seeking maximum benefit at minimum cost, within the limits of what is possible. a) Only I and II are correct. b) Only II, III, and IV are correct. c) Only I, III, IV, and V are correct. d) All statements are correct.
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