Economics defined In its most simple and concise definition, economics is the study of how society uses its limited resources. It is a social science that deals with the production, distribution, and consumption of goods and services. Economics focuses heavily on the four factors of production, which are land, labor, capital, and enterprise. These are the four ingredients […]
Classical and neoclassical are two main schools of economics. Economics is a social science directed at the satisfaction of needs and wants.