What is Economics:
Definition of Economics:
Economics is the social science that studies how rational individuals, groups, and organizations, manage scarce resources, which have alternative uses, to achieve desirable ends.
1. The branch of knowledge concerned with the production, consumption, and transfer of wealth.
2. The Economist’s Dictionary of Economics defines economics as “The study of the production, distribution and consumption of wealth in human society.”
It is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economic explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways.