Question

basic concept of economics​

Answer 1

Answer:Economics and Poltical Science are the two key subjects

They play important role in a country's development. Economics is related to resources and their proper utilisation.

Explanation: There is a famous question , Plolitics shapes the economy or Economy shapes the Politics?

Answer 2

1. Utility:

It should have utility. A rotten egg has no utility because it cannot be exchanged for anything. It possesses no value-in-exchange.

2. Scarcity:

Mere utility does not create value unless it is scarce. A good or service is scarce (limited) in relation to its demand. All economic goods like pen, book, etc. are scarce and have value. But free goods like air do not possess value. Thus goods possessing the quality of scarcity have value.

3. Transferability:

Besides the above two characteristics, a good should be transferable from one place to another or from one person to another. Thus a commodity to have value-in-exchange must possess the qualities of utility, scarcity and transferability.
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