Question

basic concept of economy?​

Answer 1

Answer:

Basic Concept of Economics # 3.

Basic Concept of Economics # 3.In common use, the term 'wealth' means money, property, gold, etc. But in economics it is used to describe all things that have value. For a commodity to be called wealth, it must prossess utility, scarcity and transferability. If it lacks even one quality, it cannot be termed as wealth.

Answer 2

⭐️ ANSWER :-

Economics deals with maintaining an efficient balance between unlimited wants and limited resources in everyone's life.

Economics also deals with the production, distribution, and consumption of goods and services.

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