--%>

Explain the definition of Economics

Explain the definition of Economics?

E

Expert

Verified

a. The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants.

b. Human wants are unlimited, but the means to satisfy the wants are limited.

   Related Questions in Business Economics

  • Q : Describe two kinds of efficiency Full

    Describe two kinds of efficiency Full production imply?

  • Q : Divergences arise between equilibrium

    What divergences arise between equilibrium and an efficient output when spillover costs? How might government correct this divergence?

  • Q : Elucidate state expenditures and

    Elucidate state expenditures and receipts for all states in 1998?

  • Q : Good economic policy requires good

    Explain the statement: “Good economic policy requires good economic theory.”?

  • Q : Symptoms of governmental interference-

    Adam Smith and the “typical liberal” economists who followed within his footsteps viewed persistent monopolization and market power as: (1) ineffective and best regulated through government. (2) crucial in finding the rate of technological

  • Q : Describe Financial Leverage Briefly

    Briefly describe Financial Leverage? In what manner it is calculated? What does low or high financial leverage signify?

  • Q : Market Economy Define the term Market

    Define the term Market Economy and also state its advantages and disadvantages?

  • Q : Specialization and trade according to

    Not between concepts explained in Adam Smith’s Wealth of Nations was the conception which net benefits occur from: (1) specialization and trade according to comparative advantage. (2) the division of labor in production processes. (3) reliance o

  • Q : In long-run equilibrium earning of zero

    When, in a perfectly competitive industry, where the market price facing a firm is above its average total cost on the output here marginal revenue equivalents marginal cost, in that

  • Q : Comparison between EVA and Ratio

    Comparison between EVA and Ratio Analysis: EVA helps in measuring the economic performance of the company. It is the profit earned by the firm less the cost of financing the firm’s capital. It shows that the shareholders gain when the return fro