Question

Economics is the social science concerned with the best use of scarce resources to achieve maximum satisfaction of economic wants.
True / False.

Answer 1

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.