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Explain definition, nature and scope of economics. |
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Answer» Economics is the science that deals with production, exchange and consumption of various commodities in economic systems. It shows how scarce resources can be used to increase wealth and human welfare. The nature and scope of economics are related to the study of wealth or human behaviour or of scarce resources. The scope is very wide and includes the subject matter of economics whether economics is a science or an art or whether it is positive or normative science. |
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