Question

State and explain your views on the statement below."Economics is the study of how an individual...

State and explain your views on the statement below."Economics is the study of how an individual or country can become rich"??

Homework Answers

Answer #1
  • The statement that economics is the study of how an individual or country can become rich is incorrect.
  • It is the study of scarcity and it deals with how people cope with the production and consumption of those goods and services that require resources which are scarce in nature.
  • That is it shows how the people of a nation deals with the problem of scarcity when resources are limited and wants are unlimited.
  • Hence it is the study of how goods are produced, distributed and consumed by the people of an economy when the resources are scarce.
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