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Difference Between "economy" and "economics"?

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Difference Between "economy" and "economics"?

Posted by Amit Singh 5 years, 6 months ago

CBSE > Class 11 > Economics

2 answers

Mehak Rana 5 years, 6 months ago

An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. The production and consumption of goods and services are used to fulfill the needs of those living and operating within the economy, which is also referred to as an economic system.

Mehak Rana 5 years, 4 months ago

Economics is a social science that deals with the production, distribution, and consumption of goods and services

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