Questions - Q. What is your opinion regarding size of sample? What considerations should go in determining appropriate size of sample? Explain. Q. In what way Marshall has defined Economics? How is the definition given by him superior to that of Adam Smith? Explain. Q. "Economics is all about studying the choice problem in the backdrop of scarcity." Do you agree ? Explain
Dear Student
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Yes. I agree with the statement.because Economics arise from the basic problem of scarcity and choice. The major concern of economics is to allocate the scarce resources to the best possible use in the face of unlimited wants. Consequent to the scarce availability of resources, an economy needs to make choice to allocate the scarce resources to the areas with maximum possible and optimum returns.Thus, economics is all about studying choice problems.
Regards
We request you to post single query in a thread. However, one of your queries has been answered here
Yes. I agree with the statement.because Economics arise from the basic problem of scarcity and choice. The major concern of economics is to allocate the scarce resources to the best possible use in the face of unlimited wants. Consequent to the scarce availability of resources, an economy needs to make choice to allocate the scarce resources to the areas with maximum possible and optimum returns.Thus, economics is all about studying choice problems.
Regards