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Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being.
 

Economy is the state of a country or region in terms of the production and consumption of goods and services and the supply of money.

The decline of the handicraft industry in India resulted in massive unemployment and a rise in demand for Britain's manufactured goods.

Massive unemployment will not shift the PPC curve to left. Infact, the point on PPC where the economy was producing earlier will shift below the PPC. This is because unemployment implies inefficient use of resources and this inefficient use of resources is depicted by shifting the point below the PPC.

• Economics is a social science dealing with the study of economic problems.
• 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 on allocating resources to satisfy their wants and needs, trying to determine how these groups should organize and coordinate efforts to achieve maximum output.
• Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the aggregate economy, and microeconomics, which focuses on individual consumers and businesses.

PPC is concave to the origin because of increasing Marginal opportunity cost. This is because inorder to increase the production of one good by 1 unit more and more units of the other good have to be sacrificed since the resources are limited and are not equally efficient in the production of both the goods.

The resources in an economy are scarce and they have alternate uses. A resource can be utilised in only one alternative. That means the best alternative is to be chosen. In doing so, we have to sacrifice the other alternatives. Thus, Opportunity cost of any commodity is the amount of other good which has been given up in order to produce that commodity. Alternatively opportunity cost of a given activity is the value of the next best activity.

Production Possibility Schedule

Initially at combination B, in order to produce one unit of X, the economy has to sacrifice one unit of Y. So, at combination B, opportunity cost is 1 unit of good Y which is sacrifice. . At combination C, for producing additional unit of commodity X, the economy has to sacrifice 2 units of commodity Y. So, at combination C, opportunity cost is 2 units, Similarly, at combination D, for producing additional unit of commodity X, the economy has to sacrifice 3 units of commodity Y. So, at combination C, opportunity cost is 3 units and so on.

Statistical data should be collected in a systematic and orderly manner because no conclusions can be drawn from statistics collected in a haphazard manner and data collected in such a manner will not be reliable. For accuracy and reliability of data, the figures should be collected in a systematic manner.