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DEFINITION: Economics is a social science that examines how people interact with value, specifically how products and services are produced, distributed, and consumed. The study of economic agents’ activities and relationships, as well as how economies function, is the subject of economics.

MEANING: The term “economics” can be defined in a variety of ways. It’s the research into scarcity, how people use resources and respond to incentives, or how people make decisions. It frequently discusses wealth and finance, although it is not only about money.

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  1. What is Economics?

Ans. The term “economics” can be defined in a variety of ways. It’s the research into scarcity, how people use resources and respond to incentives, or how people make decisions. It frequently discusses wealth and finance, although it is not only about money.

Our daily lives are influenced by economics. Understanding previous, future and present economic models allow us to apply them to communities, governments, enterprises, and individuals.

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