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Economics is the study of how a nation uses its resources to produce goods and services, meet people's demands, and decide how they can be distributed and consumed.

Economics can be divided into subparts like –

  • Pure Market Economy

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  • Traditional Economy

A traditional economy is the conventional economic system where traditions, customs, and beliefs shape the supply and demand of goods and services in the economy. The distribution of goods and services also depends on society. Take our economic homework help to learn more about it.

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Most Frequently Asked Questions by Students

Q.1. What is Economics?

Ans: Economics can be termed as a social science that deals with the production, distribution, and consumption of goods and services. It analyzes the demand pattern of individuals, businesses, and nations and decides how to allocate resources. Economics can be primarily divided into two parts: macroeconomics and Microeconomics.

Q.2. How do you do assignments in economics?

Ans: Follow the following steps to write an economics assignment.

  • Minimize distractions

  • Understand the assignment

  • Research the topic

  • Create an outline

  • Avoid jargon and fillers

  • Avoid plagiarism

  • Proofread and edit

Q.3. What is the biggest challenge of economics?

Ans: Here are some of the few challenges economics has faced over the last few years.

  • Energy and Environmental Security

  • Conflict and Poverty

  • Competing in a New Era of Globalization

  • Global Imbalances

  • Rise of New Powers

  • Economic Exclusion in the Middle East

  • Global Corporations, Global Impact

  • Global Health Crises

Q.4. What are the tools of economics?

Ans: The different tools of economics are –

  • Tables

  • Graphs

  • Charts

  • Mode

  • Mean

  • Median

  • Standard deviation

Q.5. What is an Economics table?

Ans: Economic Table is an economic model first created by French economist François Quesnay in 1758. It is a systematic and orderly arrangement of facts, information, and data through tabular forms. It uses rows and columns for clear representation, making it easier to understand.

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