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WHAT IS ECONOMICS?
DEFINITION. Economics is a social science that studies how people interact with value, especially the production, distribution, and consumption of goods and services. Economics is the study of the behaviors and connections of economic agents, and therefore how economies work.
MEANING. The term “economics” has a number of different definitions. It is the study of scarcity, how people utilize commodities and react to incentives, as well as how individuals make decisions. Although it is not just about money, it typically covers wealth and finance.
Our daily lives are influenced by economic considerations. We can apply historical, future, and current economic models to communities, govts, businesses, and individuals by understanding them.
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FREQUENTLY ASKED QUESTIONS (FAQs)
- What is the definition of Economics?
Ans. The term “economics” has a number of different definitions. It’s the study of scarcity, as well as how individuals use resources and respond to incentives, and how they make decisions. Although it is not just about money, it typically covers wealth and finance.
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Ans. NO PLAGIARISM GUARANTEE.
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