Major economic problems

the economic problems consists in making decisions regarding ENDS to be  purchase and the goods to be produced and the MEANS to be used for the achievement of Certain ends.

What to produce

 how to produce 

for whom to produce 

economical use of resources 

problem of full employment 

problem of growth

Division of Economics

the study of Economics can be explain under two approaches viz.,

 traditional approach and  modern approach

Traditional approach

it considered economics as a science of wealth divided it into four division viz 

consumption ,production, exchange ,distribution.

Consumption

Use of wealth to satisfy women wants.

Destruction of utility or use of commodities and service to satisfy human wants.

Production

Creation of utility

 Transformation of materials into goods and service.

Exchange

Transfer of goods from one person to other

Distribution

Sharing of wealth that is produced.