The study of scarcity is known as economics. It's the way people deal with money. It's a type of social science that studies how products and services are produced, distributed, and consumed.
It also evaluates how individuals, businesses, governments, and nations make resource allocation decisions.
Human behavior is the center of economics, which is founded on the notion that people act rationally and seek the highest amount of benefit or value.
The studies of labor and trade are the cornerstones of economics. Because there are so many various uses for human labor and so many different ways to acquire resources, it is up to economics to figure out which approaches produce the best outcomes.
By applying economic theory, you can make well-reasoned business decisions. You can better understand competitive forces.
Here are several different economists' definitions of economics:
Economics is the study of mankind in the ordinary business of life.
- Alfred Marshall
Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
- Lionel Robbins
Economics comes in whenever more of one thing means less of
another.
- Fritz Machlup
The theory of economics is a method rather than a doctrine,
an apparatus of mind, a technique of thinking, which helps
its possessor to draw correct conclusions.
- John Maynard Keynes
Economics is the study of the use of scarce resources to satisfy
unlimited human wants.
- Richard Lipsey
Comments
Post a Comment