Economics is not to be concerned only with the production of wealth but also the distribution of wealth. B. is primarily concerned with how resources are used. 1 decade ago. Question: Economics Is Primarily Concerned With Question 3 Options: Efficiency Financial Gains Functions Of Government Financial Markets And Their Analysis . C. relies solely on the scientific method for analysis. 12) 13)The analysis of the behavior of individual decision-making units is the definition of A)microeconomics. Instead, economics is better thought of as a collection of questions to be answered or puzzles to be worked out. D)macroeconomics. Decisions have to be made on which choices to allocate our resources on. because everything is related with economics as we know micro economics is related with small things or individual units it concerned with the act of households. Economics Knowledge Is Useful at a Personal Level When pursuing a degree in economics, you'll learn a lot of skills and knowledge that you can apply to other jobs or to your personal life. B)microeconomics. There are different things that we get to study when we take up economics as a discipline. This problem has been solved! Financial gains. Do you think that you have what it takes to identify which economic study is being described by the questions below? Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Examples from the Corpus primarily • Language is primarily a system of signs. Each of the studies has a primary focus that distinguishes it from the others. Let’s take your answer for a test drive using this quiz. demonstrating that capitalistic economies are superior to socialistic economies. Source: Wikipedia Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. It is the presence of scarcity that motivates the study of how society allocates resources and goods. Anonymous. Economics is a social science that: A. is primarily concerned with money. B. choices which have to be made concerning the use of scarce resources. Economics is a bit distinct, as a social science that looks at understanding how money and resources flow within a society. Financial Management MCQ is important for exams like CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other accounts department exam. the study of economics is primarily concerned with choices that are made in seeking to use scarce resources? determining the most equitable distribution of society's output. The manner in which production and distribution of wealth will take place in a market economy is the Smithian ‘invisible hand’ mechanism or the ‘price system’. See the answer. • Private law primarily concerns the rights and obligations of citizens against and towards one another. The study of economics is primarily concerned with A. determining the most equitable distribution of income in the economy. Economics is not primarily a collection of facts to be memorized, though there are plenty of important concepts to be learned. The concept of economic efficiency is primarily concerned with? It is concerned with promoting and stimulating competent work force to make their fullest contribution to the concern. Health Economics Research Unit – University of Aberdeen. Behavioral economics (also, behavioural economics) studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. For example, one result of the nineteenth- and twentieth-century debate over capitalism and socialism is a general consensus that capitalism is effective at producing wealth and socialism is effective at keeping people poor. Economics is a social science, as is emphasised in the definition of economics that refers to how society decides. Economics, however, is mainly concerned with scarce resources and goods. A) choices that are made in seeking to use scarce resources efficiently: B) keeping private businesses from losing money: C) demonstrating that capitalistic economies are superior to socialistic economies: D) None of the above: on Academia.edu. Microeconomics focuses on the operation of the economy at the level of the units in which basic choices are made in the face of scarcity; therefore, it is primarily concerned with markets and prices. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at … C)positive economics. 75 relations. “Attention economics” today is primarily concerned with the problem of getting consumers to consume advertising. The results of economic analysis also lead directly to ethical issues. View Academics in Jaballa’s Research Interest is Primarily Concerned With Economics of Developing Countries, With Particular Interests In Corruption and Informal Sector. C)positive economics. 2) considerations of equity in the distribution of wealth. Economics is primarily concerned with resource choices, but the various elements that effect the availability of these resources is also an important factor. (A) Microeconomics is concerned primarily with the problem of what , how and for whom to produce (B) Microeconomics is concerned primarily with the economic behavior of individual decision making units when at equilibrium (C) Microeconomics is concerned primarily with the time path and processes Accounting vs. Economics: An Overview . Economics is the study of the means by which people gain their resources and how they use their resources. Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. As a social science it is primarily concerned with the behaviour and relationships of people and societies and economics is applied to the real world to study and analyse the activities and interaction between people, markets and governments. 12)Studying the determination of prices in individual markets is primarily a concern of A)negative economics. Health Policy Center – Urban Institute “…primarily concerned with issues related to how the dynamics of the health care market affect health care financing, costs, and access.” C. demonstrating the superior nature of capitalist economies. 0 0. Anyway, economics is regarded by Smith as the ‘science of wealth.’ 3) obtaining maximum output from available resources. Economics Is Primarily Concerned With. D)normative economics. focus on individuals or households, social exclusion is primarily concerned with the relationship between the individual and society, and the dynamics of that relationship. Economics is divided into two categories: microeconomics and macroeconomics. Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare. But accounting is a profession devoted to … Source(s): study economics primarily concerned choices seeking scarce resources: https://shortly.im/rfoy0. • Neither did governing bodies regard their role as primarily concerned with monitoring the curriculum. The scholars developed machine-learning techniques to classify economics papers into subfields (such as macroeconomics or industrial organization) and by research “style” — meaning whether papers are primarily concerned with economic theory, empirical analysis, or … D. keeping businesses from losing money. In fact, in many ways, it appears useful to emphasise similarities between the debates about social exclusion and the debates about the barriers generated by disability. 1) limited wants-unlimited resources dilemma. B)macroeconomics. Therefore, personnel department is a staff department of an organization. It is concerned with economy wide issues such as unemployment, inflation, and economics growth/development; it is the study of economics from a broad perspective of … Accounting and economics both involve plenty of number-crunching. One means by which society allocates scarce resources and goods is the market system. Learning about interest rates, exchange rates, economic indicators and equity markets can help you make better decisions about investing and obtaining mortgages. Economics is primarily concerned with. Economics is the study of the means by which people gain their resources and how they use their resources. 13) Question 3 options: Efficiency. Most important, economics provides the tools to … Abstracts of research, links to sites and more. choices that are made in seeking the best use of resources. 4 years ago. Economics is primarily concerned with resource choices, but the various elements that effect the availability of these resources is also an important factor. The study of economics is primarily concerned with keeping private businesses from losing money. The study of economics is primarily concerned with. Economics is concerned with the well-being of all people, including those with jobs and those without jobs, as well as those with high incomes and those with low incomes. Financial Management MCQ Questions and answers with easy and logical explanations. 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