Eng'g Economy

Studying economics helps one make .

(a)  

It is social science that deals with the proper allocation of scarce resources to satisfy the unlimited wants of the society.

• Economy

• Economics

• Studies

Economics is the art and science of .

(a)  

What ere the 4 basic notions involved in the definition of economics?

Answer explanation

1. The idea of scarcity 

2. The idea of allocation

3. The idea of establishing goals or ends or  objectives 

4. Reference to time must be included 

 It is the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.

• Cost

• Allocation

• Scarcity

 even resources take for granted as infinitely abundant, and which are free in dollar terms, can become scarce in some sense. 

• True

• False

The types of Scarcity are , , , and .

Answer explanation

1. Economic Scarcity

2. Physical Scarcity

3. Scarcity as a quality of resources

4. geopolitical scarcity

The allocation of resources is an economic theory concerned with the discovery of how nations, companies or individuals distribute economic resources or inputs in the economic marketplace 

(a)  

in economics is an analysis of how limited resources distributed among producers, and how scarce goods and services are divided among consumers. 

.

• Allocation

• Scarcity

• Reference to time

It is also called factors of production.

• Goals

• Allocation

• Scarcity