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In simple words it is a twin theme of Economics or i think it is best definition of Economics as following
Goods are scarce and our Society must use it Efficiently.
scarcity-insufficient of resources like land,labour,and capital.efficiency-maximum use of resources.
Wiki User
∙ 14y ago
Wiki User
∙ 12y agoNo. Economics is the study of exchanges, their motivations and their impacts. An understanding of economics will help you in almost all facets of life, including how to efficiently run a business.
Wiki User
∙ 13y agoEconomics is the study of Economic Activities. There would not be Economic Activities (such as buying and selling) if there wasn't a scarcity of the resources that are needed to satisfy everyone's wants. Economics studies how scarcity causes people to make different choices.
Wiki User
∙ 11y agoeconomics is the resources of opportunity
Wiki User
∙ 12y agodhdhghdhxx
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What is economics according to Adam Smith?
Economics is a science of wealth.
Economics is a science of wealth which enquires into the nature and causes of wealth of nations who gave this definition of economics?
Adam smith
Who said that the economics is science of wealth?
Adam Smith
Define economics as science of wealth?
Define it as: the science of understanding how man maximises his outcomes in conditions of scarcity.
Economics was the science of wealth it is now science of human welfare State and explain?
Because of the improvement or it means to know
How Economics is the science of wealth?
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What is economics according to Adam Smith?
Economics is a science of wealth.
How was the mainstream of economics thought by Adam Smith?
Economics is a science of wealth.
Economics is a science of wealth which enquires into the nature and causes of wealth of nations who gave this definition of economics?
Adam smith
Who said that the economics is science of wealth?
Adam Smith
Define economics as science of wealth?
Define it as: the science of understanding how man maximises his outcomes in conditions of scarcity.
Economics was the science of wealth it is now science of human welfare State and explain?
Because of the improvement or it means to know
-give the definition of economics in less developed countries?
science of the production and distribution of wealth.
How should 'economics' be defined?
Economics is the social science concerned with the production, distribution, and consumption of wealth and the allocation of scarce resources in order to meet apparently unlimited human wants.
What the study of how wealth is created and distributed?
Economics
Is economics a social science or human science?
economics is a social science
Why makes economics a science?
Economics is not a pure science. It contains some elements of both science and art. In particular, one of the requirements of a science is that it can perform predictions in areas not yet experienced. And that these predictions can be tested for accuracy.This is not a common event in economics, otherwise all the stock market punters would be rich.
