What is the difference between economy and economics? Explain.

1.	What is the difference between economy and economics? Explain.
Answer» \tBASIS FOR COMPARISONECONOMICSECONOMYMeaningEconomics is the science and art of decison making, regarding the use of scarce resources, under the conditions of scarcity, to attain maximum satisfaction.When a country or a geographical region is defined in the context of its economic activities, it is known as economy or economic system.What is it?Theory and PrinciplePractical Application of EconomicsDeterminesHow human beings make decisions when there is scarcity of resources?How resources are allocated among different members of society?Focuses onThe way in which economic agents behave and interact and the way in which economies work.The way in which country\'s economic affairs are organized and conducted.\t

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