Question

what are the three distinct components of Economics.....??!!​

Answer 1

Answer:

↪️➡️The three distinct components of economics:

(a) Production: It simply means creation of utility. Producer also have limited means while they have a variety of goods and services to choose from.

(b) Consumption: It is the process of using up utility, value of goods and services for the direct-satisfaction of our wants. Human wants are unlimited and no one can satisfy his all wants fully because resources to satisfy them are limited.

(c) Distribution: The study of distribution explains the economic principle on the basis of which income is distributed among the various factor of productions.

Explanation:

hope it's help you‼️‼️☑️☑️

Answer 2

Answer:

Three distinct components of economics are consumption, production and distribution.