What is Economics?

What is Economics | Types and Systems | BoyceWire 

The word economics comes from the Greek word oikonomos,which means "one who manages a household."At first, this origin might seem peculiar.But in fact, households and economics have much in common.A household faces many decisions which must be managed in the correct manner.

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.The two branches of economics are microeconomics and macroeconomics. Economics focuses on efficiency in production and exchange.

Economics is the study of mankind in the ordinary business of life. - Alfred Marshall. 

Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. - Lionel Robbins.  


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