What you mean by Economics
A basic question which everybody
want to ask that what do you mean by economics. A economics cover a wide range
of activity like – what to produce, how
to produce and for which we produce.
In economics, some-one call it a science or other one is an art and also they have their own
assumption for this. As much as, we understand it, its area becomes wide. On
other words, we call it a social science
also because it always try for development and satiability and also maintain them
by using rare resources because in economics, there is a demand & supply
but we have a limited stock for rare resources
so to achieve the target, we must have an optimum utilization of resources.
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| What you mean by Economics |
In any economics, we have three
different parts - household, firm and
government. In the starting of economics, we have village types of
economics where we exchange our goods and services with each others at village
level. So there is no need for market. Then after, we start an economic in
which one side for household and another is firm. A household have land, labor,
and capital and so on. They give their services and earn. On other hand, we
have firm which produce the goods and services. Both parties make a settlement
or trade for goods and services against some amount. After that government
involve in it and provide their services and also collect tax from both the
party and make such a platform where all these things take places.
