0Hello friends,
We all get confused while talking about economy and economics. Some of us even use both the terms as substitutes. But there is a whole world of difference which I am going to describe.
ECONOMY :-
- A system in which resources are allocated to the citizens for their maximum welfare.
- Money is the center point.
- Social purpose is also included.
Economy word is incomplete without the name of certain area viz if we are talking about our economy we must use word Indian before economy .ie Indian economy!
ECONOMICS:-
- It's the subject we learn to understand the economy.
- It helps us to study various principles related to money.
- It is a theoritical part.
Hope this little information will be useful.
