Different Definitions of Economics: Assignment No:1
 

Paul Samuelson: Nobel laureate in Economics in 1970, defines economics as the study of how a person or society meets its unlimited needs and wants through the effective allocation of resources.


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

Alfred Marshall: Economics is the study of mankind in the ordinary business of life; it examines that part of an individual and social action which is most closely connected to the attainment of and the use of the material requisites of well-being.

Economics is the study of how to best allocate scarce resources among competing uses.

Economics is a social science that deals with the study of the utilization of a country's natural resources.

Economics is a social science that deals with the study of how people can be influenced by the economic system around them. For example, if the price of certain commodity goes up, people will try to conserve that commodity or buy something that costs less.

Re: Different Definitions of Economics: Assignment No:1
 

1- "Economics is the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires".


2- Economics is usually defined as the problem of how best to distribute limited resources, limited because wants are characterized as unlimited, but common sense tells us that rather than limited resources, there is an abundance of resources.


3- Economics is the study of how individuals and societies choose to employ those resources: what goods and services will be produced, how they will be produced, and how they will be distributed among the members of society.

4- Economics is the explanation of the general causes on which the material welfare of human beings depend" by Edwin Cannan.


5-Economics is often described as a body of knowledge or study that discusses how a society tries to solve the human problems of unlimited wants and scarce resources. Because economics is associated with human behavior, the study of economics is classified as a social science. Because economics deals with human problems, it cannot be an exact science and one can easily find differing views and descriptions of economics. In this discussion, the focus is an overview of the elements that constitute the study of economics, that is, wants, needs, scarcity, resources, goods and services, economic choice, and the laws of supply and demand.

6- The study of how the forces of supply and demand allocate scarce resources. Subdivided into microeconomics, which examines the behavior of firms, consumers and the role of government; and macroeconomics, which looks at inflation, unemployment, industrial production and the role of government.


7-"The science which studies human behavior as a relationship between ends and scarce means which have alternative uses” By Lionel Robbins.

8-The branch of social science that deals with the production and distribution and consumption of goods and services and their management by “Martineau, Harriet (British writer)”.

9-Economics is a study of mankind in the ordinary business of life. It examines that part of individual & social action which is most closely connected with the attainment & with the use of material requisites of well-being" by Alfred Marshall.


10-"Economics is the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires".


11- Social science that analyzes and describes the consequences of choices made concerning scarce productive resources by “Smith”.


12-Economics is the study of how individuals and societies choose to employ those resources: what goods and services will be produced, how they will be produced, and how they will be distributed among the members of society.