What is economics?

The term economics in English language has its origin from two Greek word; Oikos (household) and Nomos (to manage), meaning law of households”.

Thus , the word Economics was used to mean home management with limited funds available in the most possible economical manner.

In simple words, Economics is about making choice in the presence of scarcity.

Lionel Robbins in his book, “An essay on nature and significance of economic science”, in 1932;

“Economics is a science which studies human behaviour as a relationship between ends (wants) and scarce means which have their alternatives uses”.