EconomySo, what is the economy? There is no accepted answer to the question “What is economics?” » Some say it is the study of the functioning, distribution, production and consumption of assets in human society. It is also the study of how individuals and groups make decisions with limited resources in order to best meet their wants and needs. Economics is a process of trade-offs and everyone faces trade-offs. What is a compromise in brief? It's when people want to get something they like, that they have to give up something else they want. For example, a student wanted to graduate from college early, so he has to spend time on entertainment, time on work, etc. He would therefore have more time to concentrate on studying. It’s also a kind of economy. What are the advantages of saving? Some people might think that many other countries compete with other countries in the global economy. This is true because companies in the United States and other countries produce many of the same goods. Benz and BMW have the same level of buyer in the automobile market. Microsoft and Sony compete for the same title...