ENTREPRENEURSHIP

Detailed explanation-1: -Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

Detailed explanation-2: -Microeconomics: The Allocation of Scarce Resources: Microeconomics is the study of the allocation of scarce resources. Consumers, firms, and the government must make allocation decisions. The three key trade-offs a soci-ety faces are which goods and services to produce, how to produce them, and who gets them.

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: -Allocation. The division of things into shares or portions. In economics, the term refers primarily to the “allocation of resources, ‘’ the process by which economic resources get allotted (apportioned, assigned) to their particular uses for directly or indirectly satisfying human wants.

Detailed explanation-5: -Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.