ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.

Detailed explanation-2: -In production persons acquire an objective aspect, and in consumption’ objects acquire a subjective aspect; in distribution it is society which by means of dominant general rules mediates between production and consumption; in exchange this mediation occurs as a result of random decisions of individuals.

Detailed explanation-3: -The economy is the system of production, distribution, and consumption of goods and services. There are different types of economies: command, traditional, market, and mixed. Each varies in their ideals and systems of controls.

Detailed explanation-4: -Any kind of business revolves around the production and distribution of goods and services for the satisfaction of the needs of consumers in the target market. Satisfying these needs of the public will help business to earn profits and supplements the growth of the business. Was this answer helpful?