what are the various definitions of Economics?

FreshTheo

2 years ago

There are a variety of definitions of economics, depending on who you ask. Some common definitions include:

- Economics is the study of how people make choices to allocate scarce resources.

- Economics is the study of how society chooses to use its limited resources to satisfy unlimited wants.

- Economics is the study of how individuals, businesses, and governments make decisions about the production, distribution, and consumption of goods and services.

- Economics is the study of the production, distribution, and consumption of goods and services, and how these choices affect the welfare of individuals and society.

Fatblo_23

2 years ago

According to Alfred Marshal in 1890 defines economics to be a study of mankind in ordinary business of Life.

John Staurt Mill defines economics in 1843 as the practical science of production of wealth.