What is Economics?
2007-09-08 04:35:23 · 5 answers · asked by trinibaby_kiki1415 1 in Social Science ➔ Economics
As an economist, the "official," definition as given by textbooks is the study of choice behavior when under conditions of scarcity.
Put simply, it is the study of how a person, group, firm or government makes choices when there are scarce resources. It is also the study of the impact across categories of those choices. For example, it could be the study of unemployment by observing choice behaviors of business owners, governmental officials and actual and potential workers.
2007-09-08 05:11:11 · answer #1 · answered by OPM 7 · 1⤊ 0⤋
Economics is the study of the use of limited resources in any organization, be it a country, a business, or even a biological community.
2007-09-08 05:06:18 · answer #2 · answered by Keep On Trucking 4 · 0⤊ 0⤋
Economics is a wrongly defined, ill conceived and wrongly classified material science. Economics is a mirror image of chemistry. I would define economics as study of nature, properties, composition, laws and classification of wealth. It has nothing to do with social sciences. It is more closer than physics to chemistry. Price of economics and equivalent weight of chemistry are similar. Law of Mass Action covers all existing laws of classical economists (because they are correct) and superior to every economic law. Chemistry is a study of nature, composition, laws, properties and classification of matter.
2007-09-10 00:12:24 · answer #3 · answered by bvgopinath2001 4 · 0⤊ 1⤋
In a nutshell, Economics is a social science which embraces practically every human activity and as such, it is a vast subject!
2007-09-08 04:44:13 · answer #4 · answered by Sami V 7 · 0⤊ 0⤋
economics is about money and wealth
2007-09-08 04:40:35 · answer #5 · answered by Anonymous · 0⤊ 1⤋