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Explain the concept of Economic management with example?

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In every country an individual is engaged in economic activity to earn his livelihood whether a farmer, doctor, labour, Industrialist, teacher and shopkeeper. Performance of different economic activities by different classes of people require an organisation or system. Such system is called Economic Management or in other words a system by which people earn their livelihood is called economic management.

Economic management is a frame or structure which develops a co-ordination and mutual co-operation among means and producers. It is a continuous process of production, consumption, distribution and exchange. For example for the production of sugar, producer takes sugarcane from farmer, machines and tools from industries and electricity from energy plants. Produced sugar, from one place to other, are sent by rail, truck and ships.

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