what is economic? Explain the concept used in Economics.
Answers
Answer:
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. ]
Explanation:
Economics can be defined in a few different ways. It's the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it's not all about money.
economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make. ... As a result of scarce resources, humans are constantly making choices that are determined by their costs and benefits and the incentives offered by different courses of action.