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Economics Economics is a branch of social science itself. It tried to explain the factors that are responsible for the determination of production, distribution, and consumption of goods and services. The initial name gives to the subject was Political economics. However, in the late 19th century economists changed it to just economics; considering its wide application. Economics analysis can be applied to many other fields including business, society, and healthcare. This is the main reason that economics is one of the most widely pursued areas among students.  Economics is a challenging field because of the analytical nature of the subject. Hence, good aptitude and comprehension of the field are required. Important Concept of Economics for better subject Understanding To understand the subject, it's important and necessary to study subjects with the intent of learning and interest. It is difficult to develop an understanding of the subject without the interes

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