Question 43
Basic ConceptsWhich of the following defines Economics most comprehensively?
- A.Buying and selling
- B.Organization of industries
- C.Study of human behaviour in the allocation of scarce resources
- D.National development planning and budgeting
- E.Banking and Insurance.
Show the answer and explanation
Answer: C (Study of human behaviour in the allocation of scarce resources)
Explanation
Economics studies how people behave when allocating scarce resources among competing uses; the other options are only parts of it.