Difference between economy and economic with a table . 4 marks

1.	Difference between economy and economic with a table . 4 marks
Answer» \tParameter of ComparisonEconomicsEconomyMeaningIt is a science, decision making art on the scarcity of resources concerning to provide maximum satisfaction to humanIt is the economic activities of a particular area or country.PreferencesIt mainly gives preference to the scarcity of resources and need of a humanPreference areas are on the production based on demand and usage based on supply.NatureTheory of Principles and rulesApplication of the theory of EconomicsDetermining FactorIt determines the decision on the scarcity of resources for a human being like how and when.Distribution of Goods and ServicesFocusIt mainly focuses on the behaviour and interaction of the firms and entities.It focuses on the arrangement and management of the country’s economic affairs.\t

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