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What Is Economics?

What is ECONOMICS ?

  • economics

  • Answer:

    ECONOMICS is the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. Economics is the branch of social science that deals with the production and distribution and consumption of goods and services and their management Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)." A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses Areas of economics may be divided or classified into various types, including: microeconomics and macroeconomics positive economics ("what is") and normative economics ("what ought to be") mainstream economics and heterodox economics fields and broader categories within economics. For more details see: http://en.wikipedia.org/wiki/Economics

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economics studies allocation of scarce resources to production and consumption. In most cases, this allocation is done via a market mechanism, so economics studies markets a lot, i.e. such things as supply and demand.

Cthulhu fhtagn!

Economics is a mirror image of chemistry that deals with nature, composition, laws, properties and classification of wealth. It is most unfortunate that economists have studied only application of wealth ignoring the rest and hence economics has been made a social science. In real sense it is a perfect material science.

bvgopinath2001

scarcity and choice

Shawez S

study of income and expenditure

gangajamunasaraswathy

Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)."

jan

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