Economics Definition – Scarce Resources
According to a widely used definition, Economics is the study of how people choose to employ:
- Unlimited resources
- Scarce resources that have alternative uses — Correct Answer
- Only natural resources
- Only human resources
Explanation:
Correct Answer Explanation
Economics is the study of how people and society choose to employ scarce resources that could have alternative uses to produce various commodities and distribute them.
Key Points:
- Resources are scarce and have alternative uses.
- Goal: produce commodities to satisfy wants.
- Distribute them for consumption among various persons and groups.
Why Other Options Are Wrong
- A: Resources are scarce, not unlimited.
- C, D: The definition covers all scarce resources with alternative uses.
📚 About this Topic — CH-1: Introduction
This multiple choice question is from CH-1: Introduction, NCERT Books, Statistics for Economics. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-1: Introduction to strengthen your preparation.
