ECO 7 Political Aspects of Economics
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Political economy as per the course ECO 7 Political Aspects of Economics is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth. It isn't considered a synonym for economics, it refer to very different things.
Economists as per the course ECO 7 Political Aspects of Economics, essentially focus on the production and distribution of services and goods. Thethree important aspects of economics are:
- Ideas of utility
- Scarcity
- Producers and consumers
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