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What is the difference between economy …

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What is the difference between economy and economics?

Posted by Mriganka Bora 4 years, 9 months ago

CBSE > Class 11 > Economics

1 answers

Sia ? 4 years, 9 months ago

BASIS FOR COMPARISON	ECONOMICS	ECONOMY
Meaning	Economics is the science and art of decison making, regarding the use of scarce resources, under the conditions of scarcity, to attain maximum satisfaction.	When a country or a geographical region is defined in the context of its economic activities, it is known as economy or economic system.
What is it?	Theory and Principle	Practical Application of Economics
Determines	How human beings make decisions when there is scarcity of resources?	How resources are allocated among different members of society?
Focuses on	The way in which economic agents behave and interact and the way in which economies work.	The way in which country's economic affairs are organized and conducted.

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