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Sonali Aggarwal 7 years, 8 months ago
Economics is a social science which studies theway a society chooses to use its limited resources,which have alternate uses,to produce goods and services and to distribute them among different groups of people.Economics is studied because it enables us to understand different aspects of the economy.Human wants are more than the available resources.So there is a need to allocate these scarce resourcesfor the satisfaction of never ending human wants.Hence,economics is concerned with the selection of resources under conditions of scarcity.
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Sonali Aggarwal 7 years, 9 months ago
Total income of 50 families = 50*3000=150000
Total income of 12 families =12*1800=21600
Remaining income =150000- 21600=128400
Average income of 38 families =128400/38=3378.9
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