Question

What can be the nature of an Economy?​

Answer 1

We can visualize the economy as a collection of resources together with the set of institutions that govern their use. The resources include human skills, land, buildings, machinery, houses, and so forth..

Answer 2

Answer:

Nature of economics

Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

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