ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An economic system is a societal structure for the production and exchange of goods and services, as well as the distribution of resources. Property ownership is an important component of economic structure since it determines who owns and controls the means of production.

Detailed explanation-2: -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-3: -What Is Economics? 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-4: -The economy is the social institution that organizes the production, distribution, and consumption of a society’s goods and services.

Detailed explanation-5: -An economic system is a system of production, resource allocation, exchange and distribution of goods and services in a society or a given geographic area.