Which social science studies the production, distribution, and consumption of wealth? || ADRE 1.0 SLRC 2022 PAPER-III SOLVED QUESTIONS
Which social science studies the production, distribution, and consumption of wealth?
(A) Commerce
(B) Economics
(C) Political Science
(D) Sociology
Answer: B) Economics
Explanation:
Economics is the social science that focuses on the production, distribution, and consumption of wealth. It examines how individuals, businesses, governments, and societies allocate resources to satisfy their needs and wants. Economics encompasses various aspects such as supply and demand, market structures, economic policies, and the impact of economic activities on societies.
This question was previously featured in ADRE's SLRC-2022 Paper-III, indicating its relevance for candidates preparing for competitive exams. It tests knowledge of different social sciences and their specific areas of study, which is crucial for a well-rounded understanding of societal functions.
Why this question is important
Understanding the fundamental concepts of economics is essential for competitive exams like ADRE, as it reflects the importance of knowledge in social sciences and their applications in real-world scenarios.
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