International economics, International trade, Economic theories
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International economics, International trade, Economic theories

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  • High School
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Short excerpt:

1.EconomicsЊжis theЊжsocial scienceЊжthat analyzes theЊжproduction,Њжdistribution, andЊжconsumptionЊжofЊжgoodsЊжandЊжservices.( wikipedia.org) Nations study economics to effectively manage the basic economic problem and to decide what, how and for whom to produce. Basic economic problem is that there are unlimited wants of a society and limited resources to fulfill those wants. Due to scarcity on some of the wants can be fulfilled.

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