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madreJ [45]
3 years ago
12

Economics is the social science concerned with the best use of scarce resources to achieve maximum satisfaction of economic want

s.
True / False.
Social Studies
1 answer:
slavikrds [6]3 years ago
3 0

Answer:

The given statement is true.

Explanation:

Economics is defined as the science of utilization of scarce resources so that the collective needs of the society are fulfilled to the most extent resulting in the most efficient use of the resources.

Since in the world many resources are limited thus we need to use them in the most efficient way so that all the collective needs of the society are fulfilled so that each individual of the society gets his/her fair share of the resources and thus society progresses as a whole with the utilization of these resources.

In advance economic studies economics can be differentiated into macroeconomics and microeconomics each have their individual roles in understanding transfer of goods and services.

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In the World’s History, triangular trade is one of the terms that you will be able to encounter.  Triangular trade or triangle trade is defined as the trade which happens in three regions or ports. When a region has export commodities that are not required in the region from which its major imports <span>come, that is when a triangular trade usually evolves. With the triangular trade, trade imbalances are corrected between the regions.  In relation to that, a state of diversity can be observed in the trade since different types of people gather to transact and exchange goods. People in diverse societies and cultures exchange and trade their goods. In triangular trades, slavery was also rampant. Slaves were transported in the different regions where triangle trades were done. Slave codes are those rules which are based on the concept that slaves were properties and not persons</span>
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Answer:

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