Answer to Question #196141 in Microeconomics for Bema

Question

Economic is ?

Answer 1

Solution:

Economics refers to a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and countries make choices about how to distribute or allocate resources. It mainly focuses on human beings, based on the assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility.

Economics is typically broken down into macroeconomics which deals with the behavior of the entire economy and microeconomics, which focuses on individual people and businesses.