What is Economics ?
Economics
is the study and research of how people and communities make decisions ,how
does decisions impact the economy and how communities deal with the economic
problem. The economic problem occurs because people
have unlimited needs and wants but there are only limited resources. These
limited resources are called factors of production. There are four factors of
production land, labor, capital and enterprise, these resources have to be used
efficiently and wisely. Every country in the world runs on an economic system,
which is either traditional economy, command economy, free market economy or a
mix of command economy and free market economy called mixed economy.
.
.