What Is Economics?Economics is a social science that deals with the production, distribution and consumption of goods and services. It is the study of how individuals, businesses, governments and nations make decisions about the allocation of resources. Economics focuses on human actions, based on the notion that humans act rationally. And looking for the most benefit or value. The study of labour and trades are the basic components of the economy. There are many applications of human labor. And there are also other different ways to acquire resources, determining the best results is the task of the economy.
Macroeconomics, which studies the behavior of the economy as a whole. And microeconomics, which studies the behavior of individuals and organizations. These are the two main branches of the economy. What are Economic Activities or Activities of Economics?All human beings do so many activities on a particular day. Every day, we have jobs to do and other activities in which to participate for personal realization and enjoyment. So, we can say that activities of economics or economic activities are what we do for a living. All other activities are considered non-economic. To identify activities of economics, the other is that they are driven by logic and rationality. In our own interest, it is the main reason for carrying out such activities. However, determining the nature of an activity is not always easy. Like, take an example from a painting. Painting is a non-economic activity if you like it both as a hobby and as a hobby. But it becomes an economic activity if it sells its paintings. What are the Types of Activities of Economics The activities of the economy include production, distribution and trade. They also involve money, either as a form of payment or as a kind of wealth storage. Together, economists divide the activities of the economy into four sectors.
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January 2022
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