Question

what is economics?.............​

Answer 1

Economics is the study of a branch of human action.

According to economist Ludwig von Mises, 'It is the

science of the means to be applied for the attainment

of ends chosen.... [It] is not about things and tangible

material objects; it is about men, their meanings and

actions.' In other words, it is the study of the

instruments, methods, and actions available to human

beings for attaining their goals... Most economics texts

would define economics more like this: the study of the

"production, distribution, and use of income, wealth,

and commodities." While it is true that economics is

concerned with these things, this is not a true

definition. It implies, for example, that income and

commodities already exist and that they stand apart

from wealth. It assumes a level of development such

that distribution is a major concern. In short,

it assumes that people exist at a high level of

sophistication in society, when in fact that very

sophistication is the result of fundamental economic

principles that apply first to the individual, even

if he is alone on an island.

Answer 2

Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.