Question

Economic means?

Answer 1

If we talk in very simple terms then economics is the type of social science that is basically used for this scarce resources

its main assumption is that resources are scarce in the nature and we need to use these resources in the most most optimal manner

it is having basically two types that are microeconomics and macroeconomics

microeconomics deal at a smaller level like calculation of demand and supply ,market structures etc

when we talk about macroeconomics then it talks at the bigger picture level like calculation of unemployment rate, inflation level etc