CPT Economic Reasoning

While reading the text book of ICAI, I came across several questions which came to my thought while I was reading. Lets see if you too have any answers to them.

Anyways, Since its been quite a time on the forum, I know about the activity level folks around here and even myself, so response or no response: answers to them will be posted every 2nd sunday.

From Chapter 1 till page 5
1. How to we make our choice? which choice is satisfied first?

2.Why is distribution an element of economics?

3. Can the definition of ecomics be complete without studying the factors which leads to fluctuations in resources level?

4. why is there no distinctionm made between material and non materials in robbins definition?

Replies (1)
Originally posted by : urbanlegend



1. Priority or most satisfying and demanding want.

2.how to produce and ow to distribute most important element for modern economics. this thought arose esp. after depression of 1930. econmics is not only about choice making but how a nation alocates.

3. No, we study economic problems and analyse them  and alternative courses.

4. anything which satisfies human wants are studied.

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