Question

what is economics?
Don't answer my question hell will eat u espect Aachal
and don't dare report my question too​

Answer 1

Economics:-

Economics means the study of using scarce resources for production and consumption of goods and services in the presence of scarcity.

⇒ It mainly consists of five pillars:-

[In the modern era, all these five pillars are studied under the price theory.]

1. Consumption,
2. Production,
3. Distribution,
4. Exchange,
5. Public finance.

Principles of modern economics are mainly divided into 2 parts, microeconomics (price theory) and macroeconomics (income theory).

We study all the small units of activities under micro economics. While overall units like - national income, GDP, savings, investment, employment, etc. are studied under macro economics.

Thus, economics is the study of the behavior and economic activities of all the economic units that work individually and in aggregate.

Answer 2

Answer:

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Economics is the scientific study of the ownership, use, and exchange of scarce resources often shortened to the science of scarcity. 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.

There are 4 different types of economics:-

• Traditional economy
• Market economy
• Command economy
• Mixed economy

Economists study the ways a society uses scarce resources such as land, labor, raw materials, and machinery to produce goods and services. They analyze the costs and benefits of distributing and consuming these goods and services.