Epistour

Usually people seem confused between the words 'Economy' and 'Economics' . They often use them interchangeably, considering them as synonymous, but they are not. Here is the complete breakdown for the two words: What is Economy? An economy is an ecosystem or a large web of interconnected production, distribution, consumption, and capital formation activities, having its specific and limited resources. Through these above-mentioned activities, resources are allocated to the units living and operating within an economy; for instance, resources are allocated to the firms, government, households, financial sectors, etc. This economic ecosystem defines a specific region, typically a country, and encompasses both physical and digital markets. For Example- Indian Economy, Australian Economy, etc.     What is Economics? Now let's clarify how economics differs from the economy by understanding what  Economics is all about. Economics is a discipline of social science that...