Answer:
Economics can be referred to as a part of social science which is generated by the individual and also ended up by the individual.
Explanation:
Economics is a combination of microeconomics which leads to the production, consumption, and distribution of things and money.
The people create the resources as input and have their output as a result of that resources.
So ultimately Economics and individuals are related to each other.
Answer:
Economics is the study of production, distribution and consumption of goods and services.
Further Explanation:
Economics is a social science which is related to production, distribution and consumption of services and goods. In economics, the focus is on how governments, organisations, nations and individual make choices on different resources for their needs and organize things so that attain maximum output.
The resources may include one or all of the following things:
The above resources are used to produce goods and services. Land and other resources are used to produce raw materials. Labor is used to convert raw material into goods and services. Capital used to provide vehicles, machinery, cash and infrastructure etc. Entrepreneurship is used to provide creativity and skills.
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Answer details:
Keyword:
Economics, study, producing, goods, services, production, consumption, government, organizations, individuals, labour, mental, physical, land, other natural resource, capital, buildings, vehicles, cash, entrepreneurship, raw materials, infrastructure, creativity, skills
