Economics
Meaning And Definition
Economics, it is studied how to use scarce resources so that maximum satisfaction can be obtained from. the micro to macro level. The subject matter of economics is concerned with the judicious management of scarce resources in such a way that at the micro level an individual can maximize his economic benefits and at the macro level a country can maximize its GDP and ensure social welfare.Resources are found in limited quantities at the level of an individual (micro level) and at the level of the entire economy and nation (macro level) and with these limited resources, human beings try to fulfill their unlimited needs and desires. .Resources are not only scarce but they also have alternative uses, so resources need to be managed. For example, at the micro level, a farmer can grow Mustard, Beans, maize, pulses, Rice, Wheat or sugarcane on his land. Similarly, at the macro level, the government of a country can use the country's resources to buy defense materials, develop infrastructural infrastructure, run public welfare programs and social security programs for the poor and deprived sections, etc. Economics is concerned with the judicious management or efficient use of limited resources at the micro and macro level. ,Economics is the subject under which it is studied how individuals, societies and governments fulfill their unlimited needs with their limited resources. Thus economics is a broad subject, which studies topics related to production, consumption,savings, investment, inflation, national income, per capita income, monetary policy, fiscal policy, employment opportunities, quality of life etc. Economics studies the economic activities of human beings, i.e. “Economics is a science which studies human behavior in relation to limited means having purposes and alternative uses”.
In general terms, "Economics is the subject under which the process of production, distribution and consumption of goods and services is studied." The famous economist Adam Smith published his book 'The Wealth of Nations' in 1776. Wealth of Nations has called economics as the 'science of wealth'.