GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -Economists are practitioners in the social science discipline of economics. Economics is the subject of studying the production, distribution, and consumption of goods and services in a market economy.

Detailed explanation-3: -consumption, in economics, the use of goods and services by households.

Detailed explanation-4: -In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital). In general theory and in for example the U.S. National Income and Product Accounts, each unit of output corresponds to a unit of income.