explain the concept of economics.
Answers
Answer:
As a novice, economics seems to be a dry social science that is laced with diagrams and statistics; a complex branch that deals with rational choices by an individual as well as nations — a branch of study which does not befit isolated study but delving into the depths of other subject areas (such as psychology and world politics).
What is Economics?
Economics Definition: Economics is essentially a study of the usage of resources under specific constraints, all bound with an audacious hope that the subject under scrutiny is a rational entity which seeks to improve its overall well-being.
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Answer:
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Explanation:
People wants are unlimited . But the resources to satisfy the wants are scared. Economics discusses how man can get maximum satisfaction by using the scare means to satisfy wants on a basic of priority . So as subject matter of Economics scarcity of resources is considered very important