Economics is all about study of scarcity of resources. If the resources would have been available in abundance then ther will be no need of economics. It also deals with production, consumption and distribution of wealth. It is defined as a science which studies human behaviour as a relationship between ends and scare means which have alternative uses. For example if we are dealing with a particular resource A which is scarcely available then economics will helps in making best possible use of available resources or if we dealing with production of goods and various alternatuves are available for making that single product then with the help of economics we will select the method which require less resources & in return generates maximum output.
May 26th, 2013
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