Question

what is the difference between economy and economics??

Answer 1

Your answer :----

$\bold {ECONOMY}$
Every country has it's own system or model of dealing with available resources, demand and supply of goods and services. This system or model is called "Economy of country". It represents state or condition of the country in terms of the production and consumption of goods and services and the supply of money, the relationship between production, trade and the supply of money.


$\bold {ECONOMICS}$
The model or system used by any country has certain scientific assumptions and concepts. These scientific assumptions and concepts are called "Economics", therefore, Economics is a broad subject about study of scarcity, the study of how people use resources, study of how individuals, businesses, governments and nations make choices on allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output.


Hope it helps you

Answer 2

Economic Activities :-

These activities give an income in return.

These are done to earn a livelihood.

For Example :- People going for work in factories ,farm , banks, hospitals,schools,etc.

Non Economic Activites :-

These activities do not give any income in return.

These are done out of compassion ,love and care.

For Example:- Doing social work, helping the poor, going to temple etc.