Question

Write two definitions of economics ​

Answer 1

Economics is the study of mankind in the ordinary business of life. - Alfred Marshall. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. - Lionel Robbins. Economics comes in whenever more of one thing means less of another...

Answer 2

Answer:

Economics is a part of social science which is associated with the study of production, households, distribution, firms, consumption of goods and services, industries and government, and decision making, etc. It helps to understand how limited resources can be utilised to satisfy consumer’s desire and obtain maximum satisfaction.

Economics is classified into two significant parts:

Micro Economics

Macro Economics