If economics deals with personal finance or how you spend, save and invest our money then it deals with public goods, defence goods or luxury goods.
Given that economics also deals with personal finance, or how you spend, save, and invest your money.
We are required to tell on which the things the money could be spent.
Money can be spend on purchasing:
- Public goods,
- Defense goods,
- luxury goods.
Public goods are those goods which are necessary goods for the survival of people.
Defense goods are those goods which a government uses in order to protect the public.
Luxury goods are those goods which are not necessary for the survival but shows personality,etc.
Hence if economics deals with personal finance or how you spend, save and invest our money then it deals with public goods, defence goods or luxury goods.
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