Which of the following is central to the definition of Ec...
Which of the following is central to the definition of Economics?
Resources
Wants
Scarcity
Capital
Correct answer is C
Scarcity is one of the most important components of the definition of economics. It signifies the gap between limited resources and limitless wants.
The National Income of a country can be estimated through the ...
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When job vacancies are publicized, the government is mainly trying to solve the problem of ...
The law of diminishing marginal utility applies to a ...
The formula index of export prices/index of import prices * 100 is used to measure the ...
In a free market economy, the rationing of scarce goods is done principally by ...