nature type of economy of class 11th
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Economy means proper utilization of resources. It means economics is the science of economy or science of proper utilization of resources. It is comprised of theories, laws, principle related to utilization of resources so as to solve the economic problems, satisfy the human wants or need and so on.
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The nature of economics is the study of wealth, human behaviour and scarce resources and their utilisation. Economics is considered as a science as well as art because it includes the continuous and systematic study of facts, and all laws are tested and based on the experiments with a full explanation
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