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Question
What is true about the scarcity definition?
Options
Considers material welfare
Study of wealth
Economic problem
Study of material goods
MCQ
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Solution
Economic problem
Explanation:
The scarcity definition of economics, given by Robbins, emphasizes that economics studies human behavior as a relationship between unlimited wants and scarce means with alternative uses, which leads to the economic problem of choice. It is not primarily about material welfare, wealth, or just material goods but about the problem arising due to limited resources relative to unlimited wants.
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