Question

discuss the nature and scope of economics​

Answer 1

Economics is defined as the social science that deals with the production, distribution, and consumption of goods and services. The nature and scope of economics depend upon the interaction of economic agents and how economies work.

Answer 2

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.