What is Economics?

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, trying to determine how these groups should organize and coordinate efforts to achieve maximum output.

Types of Economics

a. Microeconomics 

b. Macroeconomics

Types of Economic System 

a. Traditional economic system

b. Command economic system

c. Market economic system

d. Mixed economic system

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