Economics Defined: Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek "management of a household, administration" or "custom" or "law"), hence "rules of the house(hold)".
Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, the family, health, law, politics, religion, social institutions, war, and science.
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