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10 June, 03:20

As a science, economists have defined Economics as ...

A. The limited description of economic activities

B. The scientific study of interactions in production

C. The study of how people satisfy seemingly unlimited wants with scarce resources

D. The problems and decisions of everyday consumers

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Answers (2)
  1. 10 June, 05:58
    0
    As a science, economists have defined Economics as the study of how people satisfy seemingly unlimited wants with scarce resources.

    Option C

    Explanation:

    Economics is a subject dealing with the very issue of scarce resource and unlimited human wants its subject regarding the management of scarce resources at a micro and as well as macro levels.

    Various concepts go into management of scares resources efficiency, productivity, profits, optimization, optimum level of utilization and various other aspects as opportunity cost, law of demand, and the law of diminishing marginal utility and various other concepts. It states the relationship between demand and supply so that problems of scarcity can be tackled.
  2. 10 June, 06:16
    0
    C. The study of how people satisfy seemingly unlimited wants with scarce resources
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Home » Social Studies » As a science, economists have defined Economics as ... A. The limited description of economic activities B. The scientific study of interactions in production C. The study of how people satisfy seemingly unlimited wants with scarce resources D.
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