Briefly speaking, economics can be defined as a study of an economic system in all its aspects – structure, working, performance, problems, and their solutions.
The meaning of the term, “study of an economy” includes:
(a) Alternative forms of an economy like capitalism, socialism and a mixed economy.
(b) Economic decisions and their implementation by – Individual economic units like individuals, households and business units – Groups of economic units, institutions – Public Authorities
(c) Interrelationships between economic units and their groups.
(d) The performance of individual economic units, their groups, and the economy as a whole.
(e) Interrelationship between different economies.
Economic System
In this article we will discuss Economic System (1)
