What is Economics and different definitions of economics by different economists

 

Economics : Economics is the key to the development of a society.

In our society  , resources are limited but scarcity is unlimited.Economics balances unlimited scarcity with limited resources.The main goal of economics is the fulfills our needs by limited resources.

Economics is involved in every aspect of our life.

Economics ensures the production of goods and services and their equitable distribution using limited resources so we can say economics is the study of scarcity.The main goal of economics is to try to satisfy the limited resources and to achieve the welfare of the society.

Economics definition is defined by different economists is the different ways.Adam smith is the known as the father of economics.

According to Adam Smith,  

     "Economics is the science of       wealth "

       According to Adam Smith,

Economics deals with production, distribution and consumption.

According to Samuelson,

"ECONOMICS IS THE STUDY OF HOW PEOPLE AND SOCIETY CHOOSE WITH OR WITHOUT THE USE OF MONEY,TO EMPLOY SCARCE PRODUCTIVE RESOURCES WHICH COULD HAVE ALTERNATIVE USES.TO PRODUCE VARIOUS COMMODITIES OVER TIME AND DISTRIBUTE THEM FOR CONSUMPTION NOW AND IN THE FUTURE AMONG VARIOUS PERSONS AND GROUPS OF SOCIETY ".

According to Lionel Robbins,

"The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"
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