WORLD HISTORY

Detailed explanation-1: -What Are Economic Resources? Economic resources are the different factors of production used to produce all goods and services in the economy. Economic theory is primarily concerned with allocating these resources so that the production of goods and services is done most efficiently and effectively.

Detailed explanation-2: -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.

Detailed explanation-3: -To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange.

Detailed explanation-4: -These are – production, consumption, and distribution of goods and services. Ans. Adam Smith defined economics as the “science of wealth.” The definition implies that the economy is determined by the wealth generated when people produce valuable commodities that are consumed. Ans.