Meaning of Economics

Adam Smith
Father of Economics

The word economy comes from the Greek word oikonomos, which means “one who manages a household.”

Que : What is Economics?

Ans : The branch of social science that deals with the production and distribution and consumption of goods and services and their management. Or :

Economics is the study of how the Society manages its scare resources. Or :

A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. Economics can generally be broken down into: macroeconomics, which concentrates on the behavior of the aggregate economy; and microeconomics, which focuses on individual consumers.

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