ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -economies. The general sense of economy is careful management of resources such as money and materials, so as not to waste them, but the more familiar reference is to a system of producing, distributing, and consuming goods and services.

Detailed explanation-2: -An economy is a system of inter-related production and consumption activities that ultimately determine the allocation of resources within a group. The production and consumption of goods and services as a whole fulfill the needs of those living and operating within it.

Detailed explanation-3: -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.

Detailed explanation-4: -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-5: -Activities involved in production (manufacturing), distribution (transportation), and consumption (retail) are constantly seeking economies to improve their margin, competitiveness, and increase their market share. This is commonly done by opting for specific locations and types of facilities.