Economics is the study of how individuals, businesses, and governments make choices about allocating resources to satisfy their needs and wants. It complements the study of economic principles by providing a framework for understanding how these choices impact the production, distribution, and consumption of goods and services in society.
provide a definition of the term economics
Carl Menger
Alfred Marshal
how the allocation of resources affects economic well-being.
Economic equity is the concept of fairness in economics, especially concerning taxation or welfare.
the definition of labor and economic
Alfred Marshal
To connect the classical and modern economic theories (A+ answer)
provide a definition of the term economics
Economic thought deals with different thinkers and theories relating to economics and political economics from ancient times to present day.
Carl Menger
Alfred Marshal
Economic events during World War II demonstrated the principles of Keynesian economics in the sense that spending had gone done dramatically and the economy was stalled.
how the allocation of resources affects economic well-being.
Economic equity is the concept of fairness in economics, especially concerning taxation or welfare.
Economics is both science and an art. It is a science because there exist lots of principles, laws and fundaments in economics. Statistics as part of economics also involves lots of theorems and principals. It is the art of implementation of these principles through which we could solve and analyze many economic and commercial problems
Physics is the science of motion and does not have anything to do with economics.