what is economics in brief full explanation with example
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. ... The building blocks of economics are the studies of labor and trade.
Answer:
Economics (/ˌiːkəˈnɒmɪks, ˌɛkə-/)[1][2][3] is the study of how societies use scarce resources in the production of valuable commodities for distribution among different people.[4]
A graph depicting Quantity on the X-axis and Price on the Y-axis
The supply and demand model describes how prices vary as a result of a balance between product availability and demand.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.