What is economics explain with suitable characterstics?
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Economics is the science that deals with production, exchange and
consumption of various commodities in economic systems. It shows how scarce
resources can be used to increase wealth and human welfare.
characteristics:
1)Low per capita income.2)Excessive dependence of agriculture and primary producing.3)High rate of population growth.4)Poor rate of capital formation.5)Inequality in the distribution of wealth.
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