Question

define economics and elaborate its importance

Answer 1

Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. Our discipline has two important features. ... The study of economics can also provide valuable knowledge for making decisions in everyday life.

It attempts to explain how wealth is created and distributed in communities, how people allocate resources that are scarce and have many alternative uses, and other such matters that arise in dealing with human wants and their satisfaction.

Answer 2

In its most simple and concise definition, 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. ... Macroeconomics - the branch of economics that studies the overall working of a national economy.