Question

What is economics and definition of economics?

Answer 1

Economics is regarded as the queen of social science which is concerned with economic issues to economic behavior of individuals, the society and the economy.

definitions- 1. According to Adam smith( father of economics) , " A science which enquires into nature and causes of wealth of nations."

2. according to Lionel Robbins, " economics is the science which studies human behavior as a relationship between ends and scare means which have alternative uses."

Answer 2

Answer:

Meaning --> Economic is the study of the scarcity of resources with the regarding unlimited access to them.

Economic help to guide to opt for the best alternative from the given resources to satisfy the needs and wants.

This also helps us to understand the availability, Utilisation, and channelize of resources to optimal performance and reliability for the future.

Economic has two branch -

One which deals with the individual unit of the economy is Microeconomics and another deal with the Economy as a whole is Macroeconomics

Definition -->

Economic is the process of getting the optimal performance out of the limited resources to fulfill the needs and wants with keeping in mind about future needs.