Economy v/s Economics.

Student life is the best part of everyone's life. And our school played a major role in creating the best for us. Nonetheless, we missed some topics and things in school. And being an Economics Learner, I will share some of that basic information and clarities missed by me. I will try to give clarification as much as I can tell you, with the simplest ways.

So Today's topic is Economy v/s Economic.

What is Economy?

The Economy is the relationship between Production, Trade, and the Supply of Money.

The activities related to the goods and services wrap in this area. An economy is a system which targets to use a minimum of time and money so that nothing is ruined.

What is Economics?

Various economists defined 'Economics' differently. Economics as Science, Arts, Social Science, and as a Study of Human Behaviour.

Conclusively Economics is a dismal science which studies the problem of choice arising due to scarcity of resources. Economics is connected with the Economy. Because Economics studies the possible models for the functioning of the Economy.

Okay, so these two were the definitions. And as a Student, I know that definitions are not enough to make it easier.

Now let's take an interesting case.

-Okay, so Your mother cooks food for you (Production).

When you consume that food according to your need. ( Consumption ).

The Supply of money is done by your father and mother. When your father earns and your mommy expenses it on different needs of the house.

''Economy - The relationship between the Production, Trade and the Supply of money.''

-So when you consume the food, in results you get what is gratification.

If you don't like the food what your mommy get is Opinions to resolve your problems. When your mommy and daddy studies the best way to satisfy you is Economics.

To utilise the best by the minimum consumption of things.

Economics - The study of Human Behaviour to find the best solution for making a choice between unlimited wants and scarce resources.

Tip- If you are an Economics student then you must read AdamSmith's Book -''An enquiry into the nature and causes of wealth of nations."

I hope this helped you. Kindly submit all your opinions and ideas.

THANK YOU.