Economic Awareness - Sectors of Indian Economy
Which of the following best describes the term 'Economics'?
Which of the following best describes the term 'Economics'?
easy Q1 of 15
Step-by-Step Solution
Step 1: Understand the definition of Economics
Economics is a social science that studies how societies allocate scarce resources to produce goods and services that satisfy human wants.Step 2: Analyze the options
The study of how societies use limited resources to produce valuable commodities correctly describes Economics as the study of resource use in society. The total value of goods and services produced in a country refers to GDP, a measure within economics but not its definition. The system of government regulations on trade and commerce relates to government policy, and The process of buying and selling goods in the market describes market activity, both parts of the economy but not the definition of Economics.Final Answer:
The study of how societies use limited resources to produce valuable commodities → Option DQuick Check:
Economics = study of resource allocation in society ✅
Quick Trick: Economics = Study of resource use by society.
Common Mistakes:
MISTAKES- Confusing Economics with GDP or government policies.
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