Economy, asked by Abhishesh, 1 year ago

what is mean by economics

Answers

Answered by vanshika964

Economics, is a study of production, consumption and distribution. Its a study of economics activities, where one can fulfill their unlimited wants through limited resources.

Economics is a social science concerned with the production, consumption of goods and services, distribution. It studies how individuals, firms, business, governments and nations make choices on allocating resources to satisfy their wants and needs and tries to determine how these groups should organize and co ordinate efforts to achieve maximum outputs.

harjotsinghbhinder13: yes that's her answer was not clear concept about the define of economics

vanshika964: Ok I will improve myself

harjotsinghbhinder13: ap bura toh nahi maan gaye vanshika

vanshika964: nahi nahi it's ok

harjotsinghbhinder13: maine toh sirf apki improvement k liye bataya hai

vanshika964: Thank u for telling that my said mistake happened

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harjotsinghbhinder13: ok thanks Vanshika

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Answered by harjotsinghbhinder13

Economics is a positive science, not a normative science. Finally, Marshall's definition ignores the fundamental problem of any economy.
Robbins define is so suitable for the word 'ECONOMICS'.
According to it ; it is a term of allocation of scarce resources to satisfy unlimited human needs

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