And by using these minimal resources they have to address very many needs of society.
Economics is based on some assumptions:
1) Resources are limited.
2) Multiple choices or alternatives are there in the market.
3) All the choices are equally attractive.
4) Optimization is every body’s choice... displayed 300 characters
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i.e. MAXIMUM utility, profit, output, satisfaction etc and MINIMUM loss, cost, dissatisfaction, etc.
Political economy
Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. It developed in the 18th century as the study of the economies of states (also known as polities, hence the word "political" in "political economy")... displayed 300 characters
