What is economic?
Understand the Problem
The question is asking for a definition or explanation of the term 'economic'. This likely involves discussing its implications in relation to management of resources, production, and consumption of goods and services.
Answer
Economics is the social science that studies the production, distribution, and consumption of goods and services.
Economics is the social science that studies the production, distribution, and consumption of goods and services.
Answer for screen readers
Economics is the social science that studies the production, distribution, and consumption of goods and services.
More Information
Economics helps us understand how individuals and societies allocate scarce resources. It is divided into two main branches: microeconomics, which focuses on individual and business decisions, and macroeconomics, which looks at the economy as a whole.
Sources
- Economics Defined with Types, Indicators, and Systems - Investopedia - investopedia.com
- Economics - Wikipedia - en.wikipedia.org
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