Define Economics
(Write about What gives birth to the economics?
Write the two types of economic agents.
Four important resources in economics)
Answers
Answer:
Define Economics
Economics is a study of social science which deals with the choices of all economic agents.
This subject deals with the human activities, this is why this called social. As the study of this subject requires observations, analysis and predication so this is called science, together forms social science.
What gives birth to the economics?
Human wants are unlimited but required resources, to satisfy them, this problem gives birth to the study of economics.
Write two types of economics agents.
Economics agents:- Those who can take economics decisions are called economic agents.
The two types of economic agents are:-
(i) Household or consumers
(ii) Producers or seller
The four types of resources are:-
(i)Land
(ii)Labour
(iii)Capital
(iv)Skill development & Organisation