What is economics?
Complex definition of economics:
Economics is the organized system of human activity involved in the production, consumption, exchange, and distribution of goods and services. the word, economics comes from the Greek word oikonomos, meaning "one who manages a household.
Other words, Economics is the social science that describes the factors that determine the production, issues and consumption of goods and services.
Importance of economics:
The main
importance of economics is helping society decide on the best choice of
our limited resources, also it helps people to learn how to manage and most effectively use resources such as time and money.Economy is important not only because of its connection with human's production and activity, but also because economy has produced one of the most studied of all controls. Economics definitely helps human's production and other activities because of the fact that people don’t have enough resources to satisfy all our wants.
Some Facts on Economics:
-maths is involved and related to economics, because it is related to numbers
-Why are some countries rich and some countries poor?
All about economics, it is related and connected to how well economics flows or works in certain countries.
Quotes on economics:
Explanation: economics is important and useful today
Economists, like royal children, are not punished for their errors.
Explanation: economics doesn't get blamed
Explanation: economics is complicated which could be dangerous
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