ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions. Scarcity is sometimes considered the basic problem of economics.

Detailed explanation-2: -Economics is the study of how people seek to satisfy their needs and wants by making choices.

Detailed explanation-3: -The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.

Detailed explanation-4: -Capitalism is an economic system providing free choice and individual incentive for workers, investors, consumers, and business enterprises. A free enterprise system is an economic system based on private ownership of the means of production and on individual economic freedom.