ENTREPRENEURSHIP

Detailed explanation-1: -Economics is a study of the usage of resources and how we can make those resources valuable under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services.

Detailed explanation-2: -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-3: -Some of the concepts are scarcity, supply & demand, incentives, trade-off and opportunity cost, economic systems, factors of production, production possibilities, marginal analysis, circular flow, and international trade.

Detailed explanation-4: -Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. It is about making choice in the presence of scarcity.