Question

Q.1] Define Economics and explain its importance​

Answer 1

Answer:

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Economics is concerned with the optimal distribution of resources in society. The subject involves. Understanding what happens in markets and the macroeconomy. Examining statistics about the state of the economy and explaining their significance.

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Answer 2

Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently.