What is Economics?
Different scholars have given different definitions of Economics. Some of those definitions are easy to understand, while others could be a little difficult for a beginner to understand. Let us look at a few definitions:
Alfred Marshall, in his book Principles of Economics, described Economics as “a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on one side a study of wealth; and on the other, and more important side, a part of the study of man.”
Lionell Robbins in 1935: “Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”
Now let us make a clearer definition from the above. Economics is the social science that examines how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants.
Economics is a social science because it studies about human behaviour. In fact, Economics is regarded as ‘the darling queen of social sciences’ today.
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