Definition of Economics according to different authors

We understand Economics is a social science.

Let us understand what is the meaning of economics.

These are the sources that i gathered from different books or designated websites.

According to Webster Dictionary, "Economics is the science of household affairs, or of domestic management."

According to investor "Economics is the study of how thwe forces of supply and demand allocate scarce resources."

According to United States National Library of Medicine "Economics is the science of utilization, distribution, and consumption of services and materials."

According to Alfred Marshall,a British Economist defined "Economics is the study of mankind in the ordinary business of life; it examines that part of an individual and socail action which is most closely connected to the attianment of the use of material requisites of well being. Thus it is on one side a study of wealth and on the other and more important side,a part of the study of man.

According to Lionel Robbins, a British economist said that "Economics is a science that deals with the study of human behavior as a relationship between ends and scarce means which have alternative uses."

After giving a several definition of Economics from different authors accross the globe this time we can define Economics as "Economics is a social science that examines how people choose use limited or scarce resources in attempting to satisfy their unlimited wants."

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Nelson Blessing said... On 12 January 2016 at 12:43  

Enter your comment...Thanks a lot.

Unknown said... On 27 January 2016 at 07:31  

Very useful and accurate data ..

Unknown said... On 27 January 2016 at 07:31  

Very useful and accurate data ..

danny said... On 5 August 2017 at 13:01  

very good....

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