Economics

Definition of Economics.

Economics is the study of behavior of human being that how a individual, household,firm and nation can maximize their profit with limited resources.

What is Economy ?

Economy refers to the nature and level of economy activities in an area, which may be village, city, a district, a state, a country as a whole. Economy activities include production, consumption, investment and exchange. When we talk about Indian Economy we are referring to the nature and levels of production, consumption, investment and exchange in India.At the time of independence agriculture was principal production activities in our country.So Indian economy was known as agricultural economy.