ECONOMICS FOR NEWBIES

 Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses. 

Economics is the study of how people and society choose to use scarce resources to produce goods and services for consumption purposes.

Economics is the social science that is concerned with the production, distribution and consumption of good and services. The term economics comes from the Ancient Greek – oikonomia, “management of household, administration” from oikos, “house” + nomos, “custom” or ‘law”, hence :rules of the house (hold)”. Economics deals with the study of various activities of man directed towards acquisition of wealth and earning of money.

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