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Economics is the social science that analyzes the production, distribution,

and consumption of goods and services. The term  
 comes from the Ancient
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"management of a household, administration") from # (
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+ $# (  "custom" or "law"), hence "rules of the house(hold)". Current economic models
emerged from the broader field of political economy in the late 19th century. A primary stimulus for the
development of modern economics was the desire to use an empirical approach more akin to the physical
sciences.[2] Economics aims to explain how economies work and how economic agents interact.
Economic analysis is applied throughout society, in business, finance and government, but also
in crime,[3]education,[4] the family, health, law, politics, religion,[5] social institutions,
war,[6] and science.[7] The expanding domain of economics in the social sciences has been described
as economic imperialism.[8] Common distinctions are drawn between various dimensions of economics.
The primary textbook distinction is between microeconomics, which examines the behavior of basic
elements in the economy, including individual markets and agents (such as consumers and firms, buyers
and sellers), and macroeconomics, which addresses issues affecting an entire economy, including
unemployment, inflation, economic growth, and monetary and fiscal policy. Other distinctions include:
between positive economics (describing "what is") and normative economics (advocating "what ought to
be"); between economic theory and applied economics; between mainstream economics (more
"orthodox" dealing with the "rationality-individualism-equilibrium nexus") and heterodox economics (more
"radical" dealing with the "institutions-history-social structure nexus");[9] and
between rational and behavioral economics.


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üefinitions of Economics

Paul Samuelson, Nobel laureate in Economics in 1970, definesm

 as the study of how
a person or society meets its unlimited needs and wants through the effective allocation of
resources.
There are other definitions of economics. Here are some:

- Economics is a science that deals with the study of the production and distribution of a
country's resources.
 - Economics is a social science that deals with the study of the utilization of a country's natural
resources.

- Economics is a social science that deals with the study of how people can be influenced by
the economic system around them. For example, if the price of certain commodity goes up,
people will try to conserve that commodity or buy something that costs less.

- " Economics is the study of mankind in the ordinary business of life; it examines that part of
an individual and social action which is most closely connected to the attainment of and the use
of the material requisites of well-being."²Alfred Marshall, British economist

- " Economics is a science that deals with the study of human behavior as a relationship
between ends and scarce means which have alternative uses."²Lionel Robbins, British
economist.

Definitions of Economics

Definition of Economics given by Adam Smith

  
 
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Definition of Economics given by Marshall

 
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Definition of Economics given by Robbins

  
 



  
 

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