What Do You Understand By The Term Economics? Explain It In The Light Of The Definitions Provided By Different Economist?

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Aisha Profile
Aisha answered
Economics is one of the social sciences. And has a number of application in a number of fields.
Anonymous Profile
Anonymous answered
Economics is the allotment  of resources in more effective way.

The etymological background of the word Economics is Oikos and nomos. They both are Greek word, which means house and law respectively.

Economics is the study of application and classification of wealth, using scarce resources efficiently, labor, land , investment, production, taxes and government, expenditures etc.

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