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The terms "supply" and "demand" are two of the most basic and most often used terms in economics, according to The Economist website. Supply and demand are market forces which determine the direction in which the economy moves. Supply refers to how much of a given product or service is available.How to define economics?
How to Define and Explain the Economy to Kids Provide an Overview. The economy is all about how money is made and spent in a set area-whether we're talking about a local economy, a national economy, or a global ... Don't Get Too Technical. Giving kids a detailed, textbook definition of "economy" is likely to make their eyes glaze over. ... Watch Your Tongue. ... Make It Real. ... Keep It All in Context. ...What does the word economics mean?
In simple words, economics can be defined as; "Economics is the study of those natural laws which governs production, distribution and consumption of wealth; in economics we study that individual and social behavior of man which satisfy his desires and causes overall economic development.".