Question

Question :- what is economics? define economics.
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(Answer from the book :-tushar's An introduction to Economics)

Writers :- I) J. P Goel
II) Dr. H. Goswami. ​

Answer 1

Answer:

Heyy!!

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Explanation:

Economics is a Social Science concerned with the Production,Distribution & Consumption of goods & Survices.

It studies how Individuals,Businesses,Governments & Nations make choices about how to allocate resources...The building blocks of Economics are the studies of labor & trade.

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Answer 2

ANSWER :

Economics is a social science, that studies the various ways which a society chooses in order to use the limited available resources having alternative uses; to produce the goods as well as services and finally to distribute the produced goods and services among different groups of people. Economics studies the human behaviour as a relationship between resources and human wants. Hence, economics is all about making choices in the presence of scarcity as it aims to ensure that the available resources are being used by the society in the best possible manner.

• ✎ Adam Smith defined the term 'Economics' as "an enquiry into the wealth of nations."

• ✎ According to Alfred Marshall, 'Economics' is "on the one side a study of wealth and on the other, and more important side, a part of the study of man."

• ✎ According to Lionel Robbins, 'Economics' is the "science which studied human behaviour as a relationship between ends and scarce means which have alternative uses".

• ✎ Henry Smith defined 'Economics' as the "study of how in a civilised society one obtains the share of what other people produced and of how the total product of society changes and is determined."