Question

what is economics?what is economic planning??

Answer 1

economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth.
economic planning is a resource allocation mechanism that is contrasted with the market mechanism. As a coordinating mechanism for socialist economics, economic planning substitutes factor markets and is defined as a direct allocation of resources.

Answer 2

Economic planning

Explanation:

• Economics is the science of scarcity, scarcity means that we have unlimited wants but with limited resources and the choices we make with these limited resources which give us maximum satisfaction is called economic activity.
• Economics is the study of people how people but and sell the goods and services in the market.
• Economic planning is deciding concerning the use of resources.

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