When governments subsidize domestic industries, the subsidized industries tend to have an advantage on international markets as compared to the non-subsidized industries. This is taught in economics, which is the study of the economy and its effects on the society. Hence economics falls under the wider domain of social sciences and humanities.
There are many different definitions of economics. It is defined as the study of scarcity, and it is also widely referred to as the study of how people tend to use up the resources and respond to the incentives. It is also described as the study of making decisions.
Answer Anonymously
Copy Link
