HOW DIFFERENT IS ECONOMICS FROM ECONOMY?

Economics is the determining of supply and demand for prosperity and progress. It is the study of efficiently using scarce resources in making products to address the needs and the never-ending wants of the people. As to Adam Smith, widely regarded as the father of modern economics, it is "an inquiry into the nature and causes of the wealth of nations."

The economy, on the other hand, is the system of trading and producing goods and services on a larger scale. It is usually the wealth indicator of a country or region according to how much it can produce and consume within a period of time. It will also mostly tackle a country's GNP (Gross National Product) and GDP (Gross Domestic Product), how it rose or how it fell together with the determining factors involved.

Now, going back to the question, economics is quite similar to economy but differs in scale; in fact, they are related and could be a factor to the other. To put it in context, economy is the economics in effect of a particular country or region.