What is true for economics ?
A Economics is based on non economic wants B Economic is based on human wants C Economics is the use of scarce resources D All of the above
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Economics is a multi dimensional subject which focuses on many aspects of life as it is the science of human behaviour that establishes relationship between human wants and the allocation of scarce resources which has alternative uses for personal gains as well as social welfare which leads to growth and development of the economy.
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Absolutely, I'd be happy to discuss the concepts related to the question you've provided.
Economics is indeed a multifaceted field that delves into various dimensions of human behavior and resource allocation. It's a discipline that revolves around the study of how individuals, businesses, and societies allocate limited resources to fulfill unlimited wants and needs. Let's break down the concepts outlined in the question:
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Non-economic wants: This refers to desires or needs that are not related to the allocation of resources or the economic system. It encompasses aspects like emotional, social, or personal fulfillment that may not involve monetary transactions or resource allocation.
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Human wants in economics: Economics, fundamentally, revolves around human wants. It analyzes how individuals prioritize and satisfy their wants and needs, considering scarcity and the allocation of resources.
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Scarce resources: Resources are limited, while human wants are virtually unlimited. Scarce resources need to be allocated efficiently to fulfill these unlimited wants. Economics addresses the optimal allocation of these scarce resources, considering their alternative uses.
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All of the above: This option encapsulates the essence of economics by stating that it involves non-economic wants, human wants, and the use of scarce resources. Economics is indeed about understanding human behavior in relation to the allocation of limited resources to satisfy unlimited wants.
In your provided answer, the explanation nicely aligns with these concepts. It emphasizes the intricate relationship between human wants and the allocation of scarce resources, highlighting their role in personal gains, social welfare, and the overall growth and development of an economy.
Understanding these principles forms the foundation of economic theories and practices, allowing us to comprehend how decisions are made, resources are allocated, and societies function within the framework of limited resources and unlimited wants.
