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(see the related definition question)
- Economics is a science that deals with the production and distribution of a country's resources.
- Economics is a social science that deals with the utilization of a country's Natural Resources.
- Economics is a social science that studies how people are 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."-Alfred Marshall, British economist (1900)
- "Economics is a science that deals with the study of human behavior as a relationship between ends and scarce means which have alternative uses."-Lionel Robbins, British economist (1935)
According to Prof. Paul A Samuelson "Economics is the study of how men and society choose with or without the use of money, to employ the scarce productive resources which have alternative uses, to produce various commodities over time and distribute them for consumption now and in future among various people and groups of society. It analyses the costs and benefits of improving pattern of resource allocation".(1948)
Wiki User
∙ 10y ago
Wiki User
∙ 12y agoThe simplest definition of economics is the study of wealth. On the other hand, it can be a social science that shows how societies create governments and cultures based on their market systems.
Economics can also be defined as "The study of choice making by individuals, institutions, societies, nations and the world, under conditions of scarcity and surplus, towards maximizing benefits and satisfying the unlimited present and future needs." The subject Economics is defined as the "Study of choices by all in maximizing production and consumption benefits with the given resources of scarce and surplus, for present and future needs."
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What is the relationship between economics and physical science?
There is a direct relationship between economics and physical science. As a matter of fact, economics is defined as physical science which uses various computations to analyze trends in the market.
Is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individual?
Economics is the broad term for the study of how a society chooses to employ its resources to create goods and services and sitribute them for consumption among the various groups and individuals in a society. There are names for the sub branches of economics, and for the various theories, such as "supply side economics," for creating and consuming goods.
Economics may be defined as the science that explains?
Economics explains money and the way it functions in society.
Economics is defined as a study of the?
choices made by people faced with scarcity
In economics a commodity is defined?
a primary product like oil or coffee.
What is the relationship between economics and physical science?
There is a direct relationship between economics and physical science. As a matter of fact, economics is defined as physical science which uses various computations to analyze trends in the market.
Is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individual?
Economics is the broad term for the study of how a society chooses to employ its resources to create goods and services and sitribute them for consumption among the various groups and individuals in a society. There are names for the sub branches of economics, and for the various theories, such as "supply side economics," for creating and consuming goods.
Economics may be defined as the science that explains?
Economics explains money and the way it functions in society.
What is the meaning of social discipline?
Social discipline is defined as a science that is concerned with relationships among societies and individuals. The social sciences include anthropology, psychology, economics, sociology, and political science.
What is different macroeconomics from microeconomics?
micro economics is that branch of economics which study about individuals, households and firms whereas macro economics is a study of whole economy.
Which branch of economics focuses on individuals areas of the economy?
microeconomics
What a commodity is defined in economics?
a primary product like oil or coffee.
Economics is defined as a study of the?
choices made by people faced with scarcity
In economics a commodity is defined?
a primary product like oil or coffee.
Definition of economics by William nordhaus?
William NOrdhaus defined economics as the study of how individual and society choose to use scarce resources.
Who defined economics as the study of mankind in the ordinary business of life?
alfred marshall
Health economics can be defined as?
is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare.
