ECONOMICS

ECONOMICS IS A SCIENCE WHICH STUDIES HUMAN BEHAVIOURS AS A RELATIONSHIP BETWEEN ENDS AND SCARCE MEANS WHICH HAVE ALTERNATIVE USES. ‘ENDS’ HER REFERS TO

  • A. resource
  • B. wants ✓
  • C. choice
  • D. output
  • E. factors

 

In economics, the term “ends” refers to the wants or desires that individuals seek to satisfy through the consumption of goods and services. These wants are essentially the ultimate goals or objectives that individuals aim to achieve by utilizing the scarce resources available to them. The concept of ends in economics is closely tied to the idea of utility, which represents the satisfaction or benefit that individuals derive from consuming a particular good or service.

When individuals make choices about how to allocate their limited resources to fulfill their wants, they are engaging in economic decision-making. This decision-making process involves weighing the trade-offs between different options and selecting the most preferred alternative based on individual preferences and constraints.

Therefore, in the context of economics, “ends” primarily refer to the wants or desires of individuals that drive their economic behavior and decision-making processes.

In other words, wants are the desires of individuals that drive them to seek satisfaction through the consumption of goods and services. In economic theory, wants are considered unlimited, as individuals have insatiable desires for various goods and services. Understanding human wants is essential in economics as it influences consumer behavior, production decisions, resource allocation, and overall market dynamics.

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