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Economics is the social science that studies the production, distribution, and consumption of goods and services. It originated from the Greek words meaning "rules of the house" and "management of a household." According to Robbins, economics is defined as the study of how humans use limited resources to satisfy unlimited wants. It involves problems like scarcity, alternative uses of resources, and making choices based on differing levels of urgency and opportunity costs. Economics can be divided into microeconomics, which studies individual units, and macroeconomics, which studies aggregates and averages across an entire economy.
Economics is the social science that studies the production, distribution, and consumption of goods and services. It originated from the Greek words meaning "rules of the house" and "managem…