ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An economic system is the way a society organizes the production, distribution, and consumption of goods and services.

Detailed explanation-2: -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-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 Function of the Economy as a Social Institution First and foremost, the economy oversees the organization of goods and services in terms of their production, distribution, and consumption.