What is Economics?

Economics

Economics is basically the study of wealth.The word economics is derived from 2 Greek words
Oiko nomia. Oiko means household and nomia means management so economics is related to
the management of the household. In economics, we study how a common person earns his
living and how he spent his earnings.There were so many economists who gave their own
definition of economics there is some main definition of economics.

The definition is given by-Lionel Robbins:- Economics is the science which studies the
relationship between end (unlimited human wants) and scarce means (limited resources).

The definition is given by-Alfred Marshall:- Economics is the study of mankind in an
ordinary business of life, how he spends his income and how he earns it.

The definition is given by-Adam Smith:- Adam Smith defines economics as the study of
wealth.

The definition is given by-Paul A Samuelson:-According to Samuelson economics is
the study of how man or society satisfy their unlimited human wants out of limited resources
which have alternative uses.