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InterviewSolution
| 1. |
What do understand by economics and why do we study economics? |
| Answer» Economics is a social science which studies theway a society chooses to use its limited resources,which have alternate uses,to produce goods and services and to distribute them among different groups of people.Economics is studied because it enables us to understand different aspects of the economy.Human wants are more than the available resources.So there is a need to allocate these scarce resourcesfor the satisfaction of never ending human wants.Hence,economics is concerned with the selection of resources under conditions of scarcity. | |