English

Economics is the study the limited resources and how know to use those resources in order to produce and allocate goods-services to meet the unlimited demand of people.

• Definition-1

• Definition-2

• Definition-3

Economics is the social science concerned with how individuals, institutions and society make optimal (best) choices under conditions of scarcity.

• Definition-1

• Definition-2

• Definition-3

Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.

• Definition-3

• Definition-1

• Definition-2

.............is a term normally used to describe economic systems that pertain in societies with extensive subsistence agriculture.

• Traditional economy

• Planned Economic System

• Market economy

.............an economy in which decisions regarding investment, production and distribution are based on supply and demand and the prices of goods and services are determined in a free.rice system.

• Market economy

• command economy

• Traditional economy

• Mixed economy

.......................... is an economic system where a government body makes economic decisions regarding the production and distribution of goods.

• Mixed market

• Traditional economy

• Market economy

• Planned economy

.................. is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.

• Command economy

• Free-market economic system

• Mixed economy

• Traditional economy

Scare resources such as:

• Natural resources

• Capital goods

• Human resource

• Money

• All above

...................try to explain economic phenomena, to interpret why and how the economy behaves and what is the best to solution.

• Models

• Principles

• Theories

• Scarecity

................is a set of rules or concepts that govern how we satisfy unlimited wants with limited resources.

• Principles

• Models

• Theories

• Scarcity