Explain economics in simple terms

Business Dec 27, 2020

Explain economics in simple terms.

Expert Solution

Economics refers to social science covering the production, consumption, and distribution of products and services in a particular specified area. It involves studying how individuals, governments, and businesses make decisions when allocating scarce resources to the production, consumption, and distribution activities. Economics is divided into two subcategories, microeconomics, and macroeconomics. Technically, Microeconomics deals with the economy's overall behavior, whereas macroeconomics examines the individuals and businesses.

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote