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what is economy and economics

the branch of economics that deals with the way land is used and the things that are produced by farming. DDHS Economics Unit 1 KBAT Terms, based on "Economics Principles & Practices" by Glencoe Learn with flashcards, games, and more — for free. boom Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Economics is concerned with studying and influencing the economy. Related words. Managerial economics is a branch of economics that applies micro economics in managerial decision making. Q1. austerity noun. In addition to the previously mentioned basics of fascism, the ideology also carries a unique economic structure. agronomics noun. What is a Fascist Economy? Answer-1 Managerial Economics is the application of economic concepts and economic analysis for making managerial decision making. Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Economics is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity.Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. I was actually interested in both before going to college, and so I might be able to offer a useful answer here. an economic policy by which a government reduces the amount of money it spends by a large amount. “Managerial economics is economics applied in decision making.” Discuss. In a fascist economy, the role of the government is more than simply regulatory. Economy and economics - thesaurus. Although not all fascist governments practice the exact same type of economy, some general characteristics do apply. Politics is the theory and practice of influencing people through the exercise … In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made. Economics seeks to solve the problem of scarcity, which is when human wants for goods and services exceed the available supply. A modern economy displays a division of labor, in which people earn income by specializing in what they produce and then use that … The nature of economics The nature of economics.

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