Economics Is Not What You Think ! |Zeeshan Rao | Qirat Academy

Economics is the social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy their unlimited wants and needs. It encompasses the analysis of production, distribution, and consumption of goods and services.

Key concepts in economics include:

#Scarcity: Resources such as land, labor, capital, and entrepreneurship are limited, while human wants and needs are virtually limitless. Scarcity forces individuals and societies to make choices about how to allocate resources efficiently.
Economics is the study of how individuals and societies allocate scarce resources to meet unlimited wants and needs. It encompasses the analysis of production, distribution, and consumption of goods and services. Key concepts include supply and demand, production costs, market structures, macroeconomics, and microeconomics.
#economics Is Not What You Think ! |Zeeshan Rao | Qirat Academy