ENTREPRENEURSHIP

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 allocate scarce resources for production, distribution, and consumption, both individually and collectively. The two branches of economics are microeconomics and macroeconomics. Economics focuses on efficiency in production and exchange.

Detailed explanation-3: -A common “textbook-like” definition might be: Economics is the study of how we choose to use limited resources to obtain the maximum satisfaction of unlimited human wants.

Detailed explanation-4: -Microeconomics is the study of the allocation of scarce resources-how individual consumers and firms (producers) make decisions and how these many decisions interact.

Detailed explanation-5: -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.