What is Economics

Economics is the science of using limited resources. It is the study of wealth. According to marshall
"Economics is the 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 use of material requisites of well being. "

In simple words, economics is the study of economic welfare.

As per Robbins
" Economics is the science that studies human behaviour as a relationship between ends and scarce means which have alternative uses. "

As per my view
" Our resources like land, labor, capital and organisation are limited. So, economics is that book which teach us to use all these resources for our consumption, production, exchange and distribution. If we learns this knowledge, we feel satisfaction."



Vinod Kumar

Educator

Prof. Vinod Kumar is an Indian Educator, Motivational Speaker, Naturopathic Practitioner and Entrepreneur . He is the founder of Svtuition... read more »

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