What is Economics?

There is actually no fixed definition of economics.

Basically it deals with how scarce resources are allocated to maximize the unlimited wants that we want to fulfill. Economics discusses all issues which relate to the production, distribution and consumption of goods and services

Some of the definitions of Economics:

  • The Study of how men use limited(scarce) resources in order to satisfy their unlimited wants
  • The Study of how human beings make choices to use scarce resources as they seek to satisfy their unlimited wants
  • The science which studies human behavior as a relationship between ends and scarce means which have alternative use- L.Robbins
  • It is a social science that studies human behavior in the context of market.



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