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What is economics . Explain in …

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What is economics . Explain in brief.

Posted by Simran Kaur 4 years, 5 months ago

CBSE > Class 11 > Economics

2 answers

Nandini Surayavanshi 4 years, 5 months ago

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.

Kavyansh Garg 4 years, 5 months ago

It is a science of human behaviour concerned with a allocation of scarce means in such a manner that producer can maximize economic gain and consumer can maximize social satisfaction.

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