Definition of Economics

Economics is the study of scarcity and it is the study of how people use resources or it is the study of decision making.




Definition: Economics is a social science and it studies on different types of parties that show how individuals, governments, and nations make their choices on distributing, selling and purchasing of resources to satisfy their unlimited wants.

Economics can be divided into two ways such as macro-economics and micro-economics.

Macroeconomics concentrates on the behavior of the entire country or the marketplace.

And Micro-economics focuses on the actions of individuals and industries.