Economics:
Economics is the science that deals with the production, allocation and use of
goods and services. It is important to study how resources can best be
distributed to meet the needs of the greatest number of people. It is called
economics.
According to Economists:
According to French economist J.B. says, “Economics is the science which treats
of wealth.”
According to Robbins, “Economics is the
science which studies human behavior as a relationship between ends and scarce
means which have alternates uses.”
This definition is based on the
following four basic ideas:-
(i) Human wants are unlimited
(ii) Resources are limited to fulfill
them
(iii) All wants are not equally
important
(iv) Means have alternative uses
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