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: -Gross domestic product is the total value of all of the completed goods and services produced by an economy during a period of one year.

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

Detailed explanation-4: -An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor, and physical resources.

Detailed explanation-5: -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.