Friday, September 23, 2016

Economics, Geography & Economic geography


Economics
In simple term “economics is a social science which studies the production, consumption, and distribution of goods and services.” In broader sense “economics is the study of how individuals and groups make decisions with limited resources to satisfy their wants, needs and desire.’

Geography
Geography derived from Greek words ‘Geo’ & ‘Grapho’ viz. earth description. So, Geography is the study of spatial variation on the earth surface.

Economic Geography
Economic Geography can be defined as the spatial organization and distribution of economic activity such as- Production (primary, secondary, tertiary), Transportation, Communication, Consumption.