What is the meaning of economics?

Question

Accepted Answer

Economics is the study of how individuals, businesses, and governments make choices to allocate scarce resources to satisfy unlimited wants.

Economics is a social science that analyzes the production, distribution, and consumption of goods and services.
It examines how individuals and societies make decisions about what to produce, how to produce, and for whom to produce.
Economics studies the behavior of markets, including supply and demand, prices, and competition.
It explores concepts like inflation, unemployment, economic growth, and income distribution.
Economists use models and theories to understand and predict economic phenomena.
Examples of economic issues include trade policies, taxation, monetary policy, and market regulation.

Accepted Answer

Economics is the science of choice

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