what are Economics ? and Types of Economics?
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Answer:
Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.
Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency.
Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI).
Capitalism, socialism, and communism are types of economic systems.
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