1.Economics is a science which deals with____________
(a)matters and substance
(b)human wants and their resources
(c)chemicals and reactions
(d)numbers and combinations
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Option B is the correct answer.
Economics is a science which deals with human wants and their resources.
- Humant wants are infinite relative to the scarce resources. Humans act rationally to derieve maximum utility from these given resources.
- Economics focuses on the production, distribution and consumption of these scarce resources. It aims at maximizing efficiency while undertaking these processes.
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