Explain the modern definition of economics
Explain the modern definition of economics?
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Prof. Samuelson gave this definition: Economics is the study of how people and society end up choosing, with/without the use of money to utilize scarce productive resources that might have alternative uses to make various commodities and allocate them for consumption among various persons or groups in society. Economics estimates the costs and benefits of making patterns of resources use better.
Illustrates the managerial Economics according to Michael Baye? Answer: In the words of Michael Baye as this term Managerial Economics is the study of how to directl
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