Economics is a branch of social science which deals with the study of production, distribution and consumption of goods and services produced in an economy. The term economics is derived from Greek and it means ‘management of a household’. According to the Lionel Robbins, it is the study of human relationships and behaviors regarding the use of resources. The aim of economics is to determine how economies work and how the various economic agents interact. Various decisions in the economy are made on the basis concepts of economics, therefore, economics play a very significant role in understanding the economy and its fundamentals.
It is the system of production and management of material wealth.
The study how a sociaties alocates its scare resources to competing ends or among alternative uses
Science that studies economic activities
Economic means the amount of money
The economic is of or relating to an economy, the system of production and management of material wealth.
It means cost-effective and profitable.