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CBSE Class 11-commerce Answered

what will be the correct defination of economy and economics
Asked by beunstoppablenowdoit | 05 Aug, 2018, 11:02: AM
answered-by-expert Expert Answer

Economy is a system which provides means to work and earn a living. So every economy undertakes economic activities such as production, consumption and investment. 

Economics is a social science which studies the way a society chooses to use its limited resources which have alternative uses to produce goods and service and to distribute them among different groups of people.

Answered by Tharageswari S | 07 Aug, 2018, 11:36: AM

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