Answer :
Economics is the study of
how society allocates scarce resources and
goods. Resources are the inputs that society
uses to produce output, called goods.
Resources include inputs such as labor,
capital, and land.
how society allocates scarce resources and
goods. Resources are the inputs that society
uses to produce output, called goods.
Resources include inputs such as labor,
capital, and land.
The economy is the study of how society allocates scarce resources and goods.
economics can be defined as the science that studies "how a society is organized to produce its means of existence that, distributed among its members and consumed by them, allow society to produce them again and so on, thereby providing a constantly renewed form, the material basis for the whole reproduction of society over time ».
