What is Economics: Definition of Economics: Economics is the social science that studies how rational individuals, groups, and organizations, manage scarce resources, which have alternative uses, to achieve desirable ends. 1. The branch of knowledge concerned with the production, consumption, and transfer of wealth. 2. The Economist’s Dictionary of Economics defines economics as “The study […]
10 Most Important Economics Concepts
10 Most Important Economics Concepts 1. Choice: In simple term this is the most important economic concepts & fundamental for understanding economics. If we take the holistic approach, the whole basis of economics depends on the concept of scarcity. In economics it’s assumed that the resources are scarce and thus for having something we need to […]