Which statement describes the term economics? a. it is the study of using limited resources to fulfill wants and needs. b. it is the study of how governments fulfill the wants and needs of nations. c. it is the study of how people spend their money to fulfill wants and needs.
The answer is A
Economics is a field of study that studies human wants and needs, since human wants are desires such as food, clothing, shelter and are unlimited which cannot be fully satisfied. Economics deals with the study of using limited resources to fulfill human wants and needs.
A popular definition in economics by Sir Lionel Robinson defined economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
The Meaning of term Economics, varies ,as different scholars have different views.
The Word Economics came into existence ,due to term economy .
Economy, is the word used for the system, in which goods are produced and interchanged with other goods.
Economics,word has different meaning, when you consider different systems
When you consider earth as a system,it is about using your resources in best possible way,without misusing it.
And,when you use the term Economics for a country, then it's meaning is how government uses it's goods produced as well as the resources it has , in single matchless way for the welfare of it's country People.
As, money came Latter,and resources that earth has is from the beginning when the earth was formed .
So, Option (A): It is the study of using limited resources to fulfill wants and needs.