Question

Q. 1. "Economics is a study of scarcity". Discuss.
Q. 2. Explain welfare definition of economics.
Q. 3. Discuss briefly the definition of economics as given by Adam Smith.
Q. 4. Briefly discuss the meaning of economic and non-economic activities.
Q.5. Discuss the three main economic activities.
Q. 6. Discuss the main characteristics of scarcity definition given by Robbins.
Q. 7. Briefly discuss the most accepted definition of economics.​

Answer 1

Question.

1) "Economics is a study of scarcity". Discuss.

Answer:

The basic economic problem is that needs and wants are unlimited, but resources are scarce. Scarcity means that resources are limited, and because resources are scarce, people must make choices. Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.

Question:

2.) Explain welfare definition of economics.

Answer:

Welfare economics is the study of how the allocation of resources and goods affects social welfare. However, welfare economics is a subjective study that depends heavily on chosen assumptions regarding how welfare can be defined, measured, and compared for individuals and society as a whole.

Question:

3.) Discuss briefly the definition of economics as given by Adam Smith.

Answer:

Adam Smith stated, “Economics is concerned with an enquiry into the nature and causes of wealth of nations, and it is related to the laws of production, exchange, distribution and consumption of wealth.” The central point of his definition is 'wealth'.

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Answer 2

Answer:

hii....

I am rutika from Maharashtra

I am in 10 th std.....