What is Economics?
Economics is the social science that focuses on production, distribution and consumption of goods and services, and analysis the choice that individuals, business, government and nations make to allocate resources.
The Indian economy has faced a rollercoaster ride in the late few centuries. India maintained a well-established economy in the world during Eleventh and Twelfth centuries and dropped during the mid-Nineteenth century and gained back on the track during the twenty first century and has functioned pretty well since. India still aims to thrive as the world’s largest economy in the coming decade.
The subject matter of economy includes the study of the problems of consumption, production, distribution of wealth, as well as determination of the value of employment and the determinants of economics growth. Economics is divided into consumption, production, exchange, distribution and public finance which have their laws and theories and on the basis of these it is studied and analysed in a systematic manner .
In economics, the laws of demand tells that other things remaining the same, a fall in the price leads to extension in demand and rise in price to contraction in demand.
