Hayat Ashraf

Economics is a social science that studies the production, distribution, and consumption of goods and services. It analyzes how individuals, businesses, governments, and societies make choices about allocating scarce resources to fulfill their unlimited wants and needs. Economics focuses on various aspects such as supply and demand, market equilibrium, production and costs, pricing, economic growth, unemployment, inflation, monetary and fiscal policies, international trade, and more. It provides tools and theories to understand and analyze economic phenomena and make informed decisions. On the other hand, the term "economy" refers to the system through which a society or nation organizes and manages its economic activities. It encompasses the production, distribution, and consumption of goods and services within a particular geographical region or country. The economy consists of various sectors, including agriculture, industry, services, finance, trade, and others, which int...