what is economy and economic?
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Explanation:
An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents.
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- ⠀⠀⠀ ❍ᴇᴄᴏɴᴏᴍʏ :- ᴛʜᴇ sᴛᴀᴛᴇ ᴏғ ᴀ ᴄᴏᴜɴᴛʀʏ ᴏʀ ʀᴇɢɪᴏɴ ɪɴ ᴛᴇʀᴍs ᴏғ ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴀɴᴅ ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ ᴏғ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴀɴᴅ ᴛʜᴇ sᴜᴘᴘʟʏ ᴏғ ᴍᴏɴᴇʏ.
- ⠀⠀⠀ ❍ ᴇᴄᴏɴᴏᴍɪᴄs :-ᴛʜᴇ sᴛᴜᴅʏ ᴏғ ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ, ᴅɪsᴛʀɪʙᴜᴛɪᴏɴ, ᴀɴᴅ ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ ᴏғ ᴡᴇᴀʟᴛʜ ɪɴ ʜᴜᴍᴀɴ sᴏᴄɪᴇᴛʏ, ʙᴜᴛ ᴛʜɪs ᴘᴇʀsᴘᴇᴄᴛɪᴠᴇ ɪs ᴏɴʟʏ ᴏɴᴇ ᴀᴍᴏɴɢ ᴍᴀɴʏ ᴅɪғғᴇʀᴇɴᴛ ᴅᴇғɪɴɪᴛɪᴏɴs.
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