Question

define economics ? explain types of Economics​

Answer 1

Answer:

Economics is the science that deals with production, exchange, and consumption of various commodities in economic systems. It shows how scarce resources can be used to increase wealth and human welfare. The central focus of economics is on the scarcity of resources and choices among their alternative uses.

Types Of Economics:-

Economics is the study of human action in an environment of scarcity. ... The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of economies; Traditional economy, Market economy, Command economy and Mixed economy.

Explanation:

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