If the total costs of producing 1,500 units of output is $15,000 and this output sold to consumers for a total of $16,500, then the firm would earn economic profits of: $1,500
An economy is the area of production, distribution, trade and consumption of goods and services. Generally, it is defined as a social domain emphasizing practices, discourses, and material expressions related to the production, use, and management of scarce resources.
In its simplest and most concise definition, economics is the study of how societies use their limited resources. Economics is the social science that deals with the production, distribution and consumption of goods and services.
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