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Difference between economy and economic with …

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Difference between economy and economic with a table . 4 marks

Posted by Jagjot Singh 4 years, 5 months ago

CBSE > Class 11 > Economics

1 answers

Sia ? 4 years, 5 months ago

Parameter of Comparison	Economics	Economy
Meaning	It is a science, decision making art on the scarcity of resources concerning to provide maximum satisfaction to human	It is the economic activities of a particular area or country.
Preferences	It mainly gives preference to the scarcity of resources and need of a human	Preference areas are on the production based on demand and usage based on supply.
Nature	Theory of Principles and rules	Application of the theory of Economics
Determining Factor	It determines the decision on the scarcity of resources for a human being like how and when.	Distribution of Goods and Services
Focus	It mainly focuses on the behaviour and interaction of the firms and entities.	It focuses on the arrangement and management of the country’s economic affairs.

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