Economics Define
is related with the examination of human behavior and practices to efficiently use the scarce resources to supply unlimited need of man and and achieve man’s satisfaction.
Economics is a social science that focuses on the study of how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited human wants and needs. It involves the analysis of production, distribution, and consumption of goods and services. Economics is concerned with how individuals and societies make choices under conditions of scarcity and uncertainty. It seeks to explain how markets function, how prices are determined, and how inputs like labor, capital, and natural resources are employed to produce goods and services. Economics also delves into topics like economic growth, inflation, unemployment, international trade, and public policy. Overall, economics is a field of study that tries to make sense of the complex forces that shape human behavior, both at an individual and societal level, in the context of economic systems.
More Answers:
Understanding Scarcity in Economics: The Importance of Efficient Resource AllocationExploring Pros and Cons of Labor-Intensive Production Processes in Social Sciences
Surviving and Thriving in Capital-Intensive Industries: A Guide to Managing High Fixed Costs