The branch of economics that is concerned with what ought to be is known as

MCQ1-22. Economics is best defined as the study ofQuestion 1Answera.How government regulates economic markets to ensure fair competitionb.How business firm operates to achieve the highest profitc.How central bank predicts inflation, unemployment, and economic growthd.How society efficiently manages its scarce resource

Economics, as an area of study in ________, allows for a better understanding of the very real personal and institutional motivations that drive choices when resources are limited.ABusinessBMathematicsCPsychologyDPhilosophy

Why we study economics

Explain the multi-disciplinary nature of business economics.

Statements related to Economics:(a) Economics is a social science.(b) Concept of economics is derived from the Greek word ‘Oikonomia’.(c) Economics is related to the study of human economic behaviour.(d) Economics is related to the management of the household.Options:(1) a, b and c(2) a and b(3) b and c(4) a, b, c, and d