ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is the study of how society decides what, how and for whom to produce. A market place is where buyers and sellers come together and reconcile their decisions on consumption and production by the adjustment of prices.

Detailed explanation-2: -This problems deals with the issue of deciding the category of people who will consume the goods. That is to produce goods for the poor or for the rich. Since the resources are scarce, the economy has to decide for whom it will produce goods.

Detailed explanation-3: -Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

Detailed explanation-4: -This helps to understand which good or services are required in the society (what to produce?) with which technique these are to be made (how to produce?) and who would consume these goods( for whom to produce?).

Detailed explanation-5: -Economics is the study of the production, distribution, and consumption of goods and services. Resources are the inputs used to produce outputs. Resources may include any or all of the following: Land and other natural resources.