Definition of Economics
There are lots of definition of economics. But now i shared some top and Easy definition of Economics. I collected this from various website. So lets Start.
Economics is a social science concerned with the production,
distribution and consumption of goods and services. It studies how
individuals, businesses, governments and nations make choices on
allocating resources to satisfy their wants and needs, and tries to
determine how these groups should organize and coordinate efforts to
achieve maximum output.
A social science concerned chiefly with description and analysis of the
production, distribution, and consumption of goods and services. Economics is defined as a science that deals with the making, distributing, selling and purchasing of goods and services.
Some branches of economic thought emphasize empiricism in economics,
rather than formal logic – specifically, macroeconomics
or Marshallian microeconomics, which attempt to use the procedural
observations and falsifiable tests associated with the natural sciences.
Since true experiments cannot be created in economics, empirical
economists rely on simplifying assumptions and retroactive data
analysis. However, some economists argue economics is not well suited to
empirical testing, and that such methods often generate incorrect or
inconsistent answers.
To him, wealth may be defined as those goods and services which command
value-in- exchange. Economics is concerned with the generation of the
wealth of nations. Economics is not to be concerned only with the
production of wealth but also the distribution of wealth. The manner in
which production and distribution of wealth will take place in a market
economy is the Smithian ‘invisible hand’ mechanism or the ‘price
system’. Anyway, economics is regarded by Smith as the ‘science of
wealth.
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