Definitions of Economics

Economics is the social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants and needs. It involves the analysis of production, distribution, and consumption of goods and services, as well as the underlying principles and mechanisms that drive decision-making and resource allocation. This mind map serves as a visual guide, offering different definitions and viewpoints on the nature and scope of economics.

Edited at 2021-06-07 12:20:34