Define Economics / Definition of Economics / What is Economics ?

          Economics : The word ‘Economics’ has been originated from the Greek word ‘Oikonomia’ which means ‘Management of household wealth’. As being social, humans face various wants and needs. Economics is all about those activities which occur to fulfill these wants and needs. In fact, Economics describes the economical activities of humans in daily life. Founder of Economics is Adam Smith. ... 

               ¤ Definition by Adam Smith : Economics is a science that enquiries into the nature and causes of wealth of nations.

               ¤ Definition by Alfred Marshall : Economics is the study of mankind in the ordinary business of life.

               ¤ Definition by L. Robbins : Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

            Thus from above we can say that or Economics can be defined as, Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. 

Author: Tanmay Chakrabarty

Tanmay Chakrabarty is a former CSE student, currently working as a Senior Software Engineer with 5+ years of experience in the field of Web Application development in PHP+MySQL platform with strong skills in Javascript, JQuery, JQuery UI and CSS. He tries to write notes every week but fails due to heavy loads of duty.

Recommended Recommends


Contact Us