Economics

 Economics Economicsis the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek “oikonomia”, where ‘oikos’means "house" and ` nomos’ means “custom" or "law". In this sense “oikonomia” means "management of a household, or "rules of the house"

There are a variety of modern definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists.

Alfred Marshall provides a still widely-cited definition in his textbook Principles of Economics (1890) that extends analysis beyond wealth and from the societal to the macroeconomic level:

-----Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.

 Lionel Robbins (1932) developed implications of what has been termed "[p]erhaps the most commonly accepted current definition of the subject".

----Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

Lastly we can say that, the theories, principles, and models that deal with how the market process works. It attemptsto explain how wealthis created and distributed in communities, how people allocateresources that are scarce and have many alternative uses, and other such matters that arise in dealing with human wants and their satisfaction.