What Is Economics ---Economics is the study of how people choose to use resources

The term 'Economics' is derived from the Greek word 'Oikonomia'.oikos means house and nomos means rules , thus meaning 'household management'.

Economics ---Economics is the study of how people choose to use resources.

Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services.

Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals.

Gross Domestic Product The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis.

National income -- the total amount of money earned within a country.

Per capita income --Is the mean income of the people in an economic unit such as a country or city. It is also known as income per person. It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population.

Per capita income --Total national income (GDP) divided by total population. It is not the average income (because it includes children and non-working population) but serves as an indicator of a country's living standards.