Question

What is economic??
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Answer 1

Answer:

Economics is the social science that studies how people interact with things of value; in particular, the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.

Explanation:

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Answer 2

Economics is the study of how humans make decisions in the face of scarcity. Scarcity means that human wants for goods, services and resources exceed what is available. Resources, such as labor, tools, land, and raw materials are necessary to produce the goods and services we want but they exist in limited supply.

A standard definition of economics could describe it as: a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. We can go further to state that: economics is about the study of scarcity and choice.

Explanation:

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