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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)
What else can I help you with?
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.
Economics may be defined as the science that explains?
Economics explains money and the way it functions in society.
What is Economics best defined as the study of how societies deal with what?
Economics is best defined as the study of how societies deal with the problem of scarcity and the allocation of limited resources to meet the unlimited wants and needs of individuals. It examines how choices are made regarding production, distribution, and consumption of goods and services. Additionally, economics explores the trade-offs and opportunity costs involved in these decisions, highlighting the impact of these choices on overall welfare and societal outcomes.
What is the Definition of economics by sam aluko?
Sam Aluko defined economics as the study of how individuals and society allocate scarce resources to satisfy their unlimited wants. He emphasized the importance of decision-making in the face of scarcity, highlighting the trade-offs and opportunity costs involved. Aluko's perspective underscores the dynamic interactions between various economic agents and their choices within a given economic system.
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.
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.
Economics may be defined as the science that explains?
Economics explains money and the way it functions in society.
What is Economics best defined as the study of how societies deal with what?
Economics is best defined as the study of how societies deal with the problem of scarcity and the allocation of limited resources to meet the unlimited wants and needs of individuals. It examines how choices are made regarding production, distribution, and consumption of goods and services. Additionally, economics explores the trade-offs and opportunity costs involved in these decisions, highlighting the impact of these choices on overall welfare and societal outcomes.
What is the Definition of economics by sam aluko?
Sam Aluko defined economics as the study of how individuals and society allocate scarce resources to satisfy their unlimited wants. He emphasized the importance of decision-making in the face of scarcity, highlighting the trade-offs and opportunity costs involved. Aluko's perspective underscores the dynamic interactions between various economic agents and their choices within a given economic system.
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.
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.
What a commodity is defined in economics?
a primary product like oil or coffee.
In economics a commodity is defined?
a primary product like oil or coffee.
Economics is defined as a study of the?
choices made by people faced with scarcity
Definition of economics by William nordhaus?
William NOrdhaus defined economics as the study of how individual and society choose to use scarce resources.
Is Economist Rutherford have given a definition for economics?
Yes, economist Alfred Marshall, often associated with the term "economics," defined it as the study of mankind in the ordinary business of life. He emphasized that economics examines how individuals and societies allocate scarce resources to satisfy their needs and wants. This definition highlights the practical aspects of economic behavior and the importance of resource management in everyday life.
What statements correctly states why economics?
Economics is the study of how individuals and societies allocate scarce resources to meet their needs and wants. It examines decision-making processes, trade-offs, and the impact of policies on welfare. Understanding economics helps individuals and policymakers make informed choices, as it reveals the incentives and consequences of various actions in a complex world. Ultimately, economics provides a framework for analyzing and addressing issues like inflation, unemployment, and economic growth.
