let, start with the basics of ecomomics. first" Q what is economy ? Ans. An economy is a system which provides people, the means to work and earn a living.
It is an organisation that provide living to the people.
In this task, it make use of the available resources to produce those goods and services
that people .
for example : Indian economy consists of all sources of production
for example : Indian economy consists of all sources of production
in agriculture,industry,transport,and communication,banking ,, etc .
2nd" Q What is economics ?
Ans. Economy is a social science which studies the way a society chooses to use its limited resources, which have alternate uses, to produce goods and services and to distribute them among different groups of people.
for example : economics is all about making choices in the presence of scarcity . It studies human behaviour as a relationship between means ( resources) and
ends ( human wants) .
