- The economy definition / What is Economy? The economy is a social science that studies the processes of extraction, production, exchange, distribution and consumption of goods and services. In a figurative sense, economy means rule and moderation of expenditure and saving.
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The meaning of ECONOMY is the structure or conditions of economic life in a country, area, or period; also : an economic system. How to use economy in a sentence.
May 07, 2022 · According to Samuelson, “Economics is the study of how people and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various persons and groups of society.”
What is Economics? Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. Economics is More than Numbers
Sep 19, 2022 · economics: [noun, plural in form but singular or plural in construction] a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. economic theory, principles, or practices.
Economics is a social science that examines how people choose among the alternatives available to them. It is social because it involves people and their behavior. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices. Scarcity, Choice, and Cost