1) What is Economics
2) Definitions of Economics
3) Micro and Macro Economics
4) Factors of Production
5) Demand and Supply
Answers
1. Economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services.
2. Economics is a study of mankind in the ordinary business of life. It examines that part of individual and social action which is most closely connected with the attainment and use of material requisites of well being.
3. Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses; macroeconomics looks at the economy as a whole. It focuses on broad issues such as growth, unemployment, inflation, and trade balance. Microeconomics and macroeconomics are not separate subjects but are, rather, complementary perspectives on the overall subject of the economy.
4. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
5. The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. The theory defines what effect the relationship between the availability of a particular product and the desire (or demand) for that product has on its price.
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