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"A social science concerned with proper uses and allocation of resources for the
achievement and maintenance of growth with stability"
Or
"It is an art of analyzing, recording, interpretation and communicating the results of
economic transaction."
Or
"Economic is a social science concerned chiefly with way the societies chooses to
employ its limited recourses, which have alternative uses to produce goods and services
for present ant future consumption"
Or
"Economics is the study of how solidifies uses scare recourses to produce valuable
commodities and distribute them among different groups."
Views of Economists
Adven Canon: "The aim of political economy is explanations of general causes on which
the material welfare of human being depend."
Explanation
The economists to explain the meaning of economics, which will be probably, proceed as
follows,
Economics studies only those activities, which are directly related to wealth:
Men have wants. Some wants are elemental and very pressing like the want of
food and water; other are less urgent, e.g., the want for a car or a beautiful
bungalow. All these of different kinds as they are, have to be satisfied. Faced by
this problem, men are driven to work in factories and fields, schools and offices,
so that they may earn money by which they may purchase the article of their
desire. All human activities related to wealth (mean to satisfy human wants
directly) constitute the subject –matter of economics. That’s why they are called “
economic activities”.
“ It is positive, normative and applied science which studies those activities of social, real
and normal human beings, that are related to wealth“.