MANAGEMENT

Detailed explanation-1: -What Is Economics? 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 the study of the production, distribution, and consumption of goods and services. Resources are the inputs used to produce outputs. Resources may include any or all of the following: Land and other natural resources.

Detailed explanation-3: -economy Add to list Share. The general sense of economy is careful management of resources such as money and materials, so as not to waste them, but the more familiar reference is to a system of producing, distributing, and consuming goods and services.

Detailed explanation-4: -Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.

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.