CANCISCO
Very Short Type Questions:
1. Write Define economics.
2. What is an economic problem?
3. What is scarcity?
4. Write the scarcity definition given by Robbins.
5. Define economic activity.
6. Define Statistics.
Answers
these all r related to countries development.
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Answer:
Economics
Economics is a social science that deals with the production, distribution, and consumption of goods and services.
Problems:
What to produce?
How to produce?
For whom to produce?
Scarcity
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.
Robbins
According to the Lionel Robbins, "Economics is the science which studies human behavior as a relationship between unlimited ends and scarce means which have alternative uses"
Statistics
“Statistics”, that a word is often used, has been derived from the Latin word ‘Status’ that means a group of numbers or figures; those represent some information of our human interest.
Economic activity
Economic activity is the activity of making, providing, purchasing, or selling goods or services. Any action that involves producing, distributing, or consuming products or services is an economic activity. ... Additionally, any activities involving money or the exchange of products or services are economic activities.
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