Which of the Following Statements Provides the Best Definition of Economics

question 87

Multiple Choice

Which of the following statements provides the best definition of economics?

• A)The study of the most equitable distribution of scarce resources.
• B)The study of the use of scarce resources to satisfy unlimited human wants.
• C)The study of the production of goods and services.
• D)The study of the productive capacity of a nation's factors of production.
• E)The study of production and increasing its efficiency.

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Definitions:

Turnover

The rate at which inventory or assets are sold or replaced in a given period, or the rate employees leave and are replaced in a company.

Return On Investment

A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of multiple investments, calculated as a ratio or percentage of the return on an investment relative to its cost.

Net Operating Income

The net amount a business earns after subtracting operating costs, excluding taxes and interest expenses.

Margin

A financial metric reflecting the difference between a product's selling price and the cost to produce it, commonly expressed as a percentage of the selling price.