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Economics is kind of social science in which responsible factors of the determination of production, distribution, and consumption of goods and services are analyzed. At the initial time, it was called Political Economics. It is utilized to investigation the relations of unlimited demands with constrained sources from the perspective of social, political and efficient viewpoints.
We can understand it as the scientific study of the finance (counting all types of cash) in public and its concern with creation, utilizations, and riches. Economists or Financial experts utilize scientific analyzing strategies and measurable components to analysis the general impacts of business about the economy.
The concept of demand & Supply: Demand represents the quantity of a product /services used by customers and Supply refers capacity or quantity offered by the market. When both become equal, it is Equilibrium condition. In economics, we need to study or analyze the relation of higher demand, the higher supply, and the higher price.
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