ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

Detailed explanation-2: -Conclusion. At its core, economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. If you want to understand why people, firms, and countries behave the way they do – and how they interact with and manage scarce resources – economics is an incredibly useful guide.

Detailed explanation-3: -Knowledge Economy and Human Capital The knowledge economy addresses how education and knowledge-that is, “human capital"-can serve as a productive asset or business product to be sold and exported to yield profits for individuals, businesses, and the economy.

Detailed explanation-4: -Economics is the study of scarcity and how it affects the use of resources, the production of goods and services, the growth of production and well-being over time, and many other important and complicated issues that affect society.

Detailed explanation-5: -Neoclassical economics. At the dawn as a social science, economics was defined and discussed at length as the study of production, distribution, and consumption of wealth by Jean-Baptiste Say in his Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth (1803).