describe the nature and scope of Economics
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Economics is that branch of social science which is concerned with the study of how individuals, households, firms, industries and government take decision relating to the allocation of limited resources to productive uses, so as to derive maximum gain or satisfaction.
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Scope of Economics. It analyses the way in which the decisions are taken by the economic agents, concerning the allocation of the resources that are limited in nature. It studies consumer behaviour, product pricing, firm's behaviour.
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