Economics is a branch of social science.

May 20th, 2015
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A. T. Still University
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Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, family, health, law, politics, religion, social institutions, war, and even to science

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What is Economics-?Economics is a branch of social science. In simple words we can say that Economics is the study of how people choose to use their available resources in most efficient way. Please note down that Economics is not only about managing money and finance. It is much more than that in contemporary context. There is no universal definition of Economics because it is really difficult to cover all aspects of economics into a water tight boundary. Yet some scholars tried to defined Economics in their words as given below-"Economics is the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires""Economics is the social science that examines how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants"A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay- "the science which studies human behavior as a relationship between ends and scarce means which have alternative usesEconomics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, family, health, law, politics, religion, social institutions, war, and even to scienceMoral of the story-Over all we can say that Economics is the branch of social science that studies the production, distribution, and consumption of goods and services in a so

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