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Difference between economy and economics

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Difference between economy and economics

Posted by Aryan Jha 5 years, 1 month ago

CBSE > Class 11 > Economics

2 answers

Khilesh Das 5 years, 1 month ago

Economy is a system by which people of an area earn their living. Economic is a science of human behaviour concerned with the allocation of scarce means in such a manner that consumer can maximise their satisfaction, producers can maximize their profits and the social can maximise it's social welfare.

.... .... 5 years, 1 month ago

Economics is that branch of knowledge in which those activities of human beings are studied which they undertake to acquire scarce to satisfy their unlimited wants and economy is a system by which people of an area earn their living

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