Question

what are the similarities of the given economic terms?​

Answer 1

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• 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.