Question

1. state different definitions to economics

Answer 1

His definition runs in terms of scarcity: “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.” From this definition, one can build up the following propositions: (i) Human wants are unlimited; wants multiply—luxuries become necessities.

Answer 2

the study or principles of the way money, business, and industry are organized is known as economic.