MANAGEMENT

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: -Economics is a science that examines how goods and services are produced, sold, and used. It involves how people, governments, and businesses make choices about using limited resources to satisfy unlimited wants.

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: -Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics.

Detailed explanation-5: -Commodities may be used as a synonym for economic goods but often refer to marketable raw materials and primary products. Although common goods are tangible, certain classes of goods, such as information, only take intangible forms.