What is Economics? (meaning, definition); Performing Ordinary Business of Life

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Define Economics?

Economics is the study of economic issues (or economic problems) arising out of the fact that resources are scarce in relation to our needs/desires and the scarce resources have alternative uses.

 

Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

 

★ Alfred Marshall- “The study of mankind in the ordinary business of life.”

 

# performing ordinary business of life:-

Engaging in diverse economic activities such as…

●     Consumption for want satisfaction

●     Production for income generation

●     Saving and investment

 

Saving may also be done to meet some future contingent expenses such as medical emergencies, heavy capital expenditure (buying a house) etc.

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What is Economics? (meaning, definition); Performing Ordinary Business of Life | 11th Commerce | by @statomics11comm

 

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Economics, meaning, definition, Performing Ordinary Business of Life, Statistics for Economics, Statistics, Economics, 11th Commerce CBSE, 11th Commerce, CBSE, statomics11comm, class 11, hindi, in hindi

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