what do you mean by economics?what are economic problems?
Answer (1)
30th Nov, 2019
Hello,
According to celebrated economist Adam Smith economics is "an inquiry into the nature and causes of the wealth of nations.” In simple terms it is a subject which is concerned with the production, distribution, and consumption of goods and services i.e. allocation and utilization of money and resources.
Economic problems arise as the resources in a society or nation is finite and often fails to fulfil the wants and need of all. E.g. at present India is experiencing slow growth rate as a there are not enough jobs in market , as a result less income and less expenditure. People at large are unable to take care of their expenses and needs .
Hope it helps
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