What is the definition of economics?
Economics is the science that studies human attitudes aimed at managing scarce resources to produce goods and...
What is the definition of economics?
Economics is the science that studies human attitudes aimed at managing scarce resources to produce goods and services and distribute them in such a way that the needs of individuals, which are unlimited, are satisfied. Economics is the study of how individuals and organizations, such as businesses, households, and governments, allocate scarce resources to satisfy unlimited wants. Economics is the study of how to maximize profits and minimize costs in order to achieve economic growth. a) Only statement 1 is correct. b) Only statement 2 is correct. c) Both statements 1 and 2 are correct. d) Only statement 3 is correct.
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