Forums Economics Assignment Help What is Economic

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    john Smith

    What is Economic?


    Answer: An economy or economic system consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location. A science that deals with the allocation, or use, of scarce resources for the purpose of fulfilling society’s needs and wants.The branch of economics studies how the limited amount of resources is distributed amongst the population of societies, cities, regions nations and the globe. From household goods, services provided in a market or stockroom, food and clothing, vacation packages and luxuries, diamonds and gold, labour and employment and even the very action of getting out of bed each morning, economics is the study of how these goods and services flow throughout markets.

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