Economics is the study of how scarce resources are
or should be allocated. Different professors and analysts explain economics from different view point.
•
In the words of J. M. Keynes, "Economics
is the administrative explanation of limited resources and their use of a
country."
Economics
solve 3 major problems:
- What and how much to produce.
- How to produce it.
- For whom to produce it.
At
last it says that Economics is the study of the production, distribution and
consumption of wealth in human society.
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