Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.[13] The word 'economics' is from the Ancient Greek οἶκοςoikos, 'family, household, estate', and νόμος nomos, 'custom, law', and hence means 'household management' or 'management of the state'. An economist is a person using economic concepts and data in the course of employment, or someone who has earned a degree in the subject. The classic brief definition of economics, set out by Lionel Robbins in 1932, is 'the science which studies human behavior as a relation between scarce means having alternative uses'. Without scarcity and alternative uses, there is no economic problem. Briefer yet is 'the study of how people seek to satisfy needs and wants' and 'the study of the financial aspects of human behavior'.

Question

Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.[13] The word 'economics' is from the Ancient Greek οἶκοςoikos, 'family, household, estate', and νόμος nomos, 'custom, law', and hence means 'household management' or 'management of the state'. An economist is a person using economic concepts and data in the course of employment, or someone who has earned a degree in the subject. The classic brief definition of economics, set out by Lionel Robbins in 1932, is 'the science which studies human behavior as a relation between scarce means having alternative uses'. Without scarcity and alternative uses, there is no economic problem. Briefer yet is 'the study of how people seek to satisfy needs and wants' and 'the study of the financial aspects of human behavior'.

Jeet Vaishnav · Accepted Answer

Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.[13] The word 'economics' is from the Ancient Greek οἶκοςoikos, 'family, household, estate', and νόμος nomos, 'custom, law', and hence means 'household management' or 'management of the state'. An economist is a person using economic concepts and data in the course of employment, or someone who has earned a degree in the subject. The classic brief definition of economics, set out by Lionel Robbins in 1932, is 'the science which studies human behavior as a relation between scarce means having alternative uses'. Without scarcity and alternative uses, there is no economic problem. Briefer yet is 'the study of how people seek to satisfy needs and wants' and 'the study of the financial aspects of human behavior'.

[The terms “Micro Economics” and Macro Economics” were coined by]

[Q. The terms 'Micro Economics' and Macro Economics were coined by]

[Who is called Father of Economics?]

[Who is called Father of Economics?]

[Economics of the Third World was written by?]

[The basic problem studied in Macro – Economics is]

[Who among the following is called father of Economics?]

[Q. The terms “micro Economics” and “Macro Economics” were coined by]

[Q. Economics is what it ought to be – This statement refers to]

[Internal economics]

Featured Courses

Popular Pages

SAT (Scholastic Assessment Test)

Study24x7

Reasoning special by Parwez Alam

Henry Harvin

CBSE Study Materials

SSC Preparation Strategies & Study Mater...

Banking/IRDA

Vivishka Learning and Test Series

RAU IAS COACHING

Daily Current Affairs

Get the App

[All you need to know about BCom in Economics.]

[Difference Between Microeconomics and Macroeconomics]

[Producer Behaviour and Supply: Class 12 Notes]

[Money and Banking: Class 12 Notes]

[What is Macroeconomics Class 12]

[The Story of Village Palampur – Class 9: Production Activ...

[Preparing for SSC-CGL2020]

[Node JS Architecture – Single Threaded Event Loop]

[SSC CGL Posts Preparation: Statistics]

[Last-minute preparation for the English Language (SSC-CGL20...