Economics is defined as relating to the production, distribution, and consumption of goods and services. Characteristics of market economics include resources being owned by individuals, economic decisions being made by individuals competing for profits, individual freedom being important, and decisions being based on supply and demand. The functions of economics include the production function relating physical output to inputs, which is a key concept used to define marginal product and allocative efficiency, both important focuses of economics.
3. Deffination
many organizations must become larger if they are to remain economic“
of, relating to, or based on the production, distribution, and consumption of
goods and services economic growth
of or relating to an economya group of economic advisers
of or relating to economics economic theories
4. Characterstics of market economics
Resources are owned And controlled by Individuals
Economics decision are made by Individuals competing To earn profits
Individual freedom Is considered Very important
Economics decisions Are made by the basic Principles Of supply And demand
Profit is the motive For Incresing Work rather than other Quotes
5. Funtion of economics
production function relates quantities of physical output of a production
process to quantities of physical inputs or factors of production.
The production function is one of the key concepts
of mainstreamneoclassical theories, used to define marginal product and to
distinguish allocative efficiency, a key focus of economics
Some non-mainstream economists, however, reject the very concept of an
aggregate production function.[1][2]
