The Study of economics can be defined as the study of People. Economics tries to explain what driving factor behind human behaviour, decisions and reactions when faced with difficulties or successes.
The effects of economics on our daily lives can be analyzed in the following ways
- Opportunity cost
- How to maximize utility
- The effects of externalities
- Importance of saving
- Effects of Inflation.
What are the Basic Economic Questions?
- What should we produce
- How should we produce it
- For whom should we produce it
Learn more about economics at https://brainly.com/question/17996535
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