Economics is a social science. The word ‘Economics’ came from the Greek word ‘Oikonomioa’ which refers the ‘household management’. Many economists defined economics in different ways. Some definitions are given below.
Adam Smith defined,
“Economics is a science which enquires the nature and causes of wealth of
nations.”
L. Robins defined,
“Economics is a science which studies human behaviour as a relationship between
ends and scarce means which have alternative uses.”
According to Paul
A. Samuelson, “Economics is the study of how societies use scarce resources
to produce valuable commodities and distribute them among different people.”
Thus, we can conclude
that, Economics is the science concerned with the problem of using or
administering scarce resources to attain the greatest or maximum fulfilment of
society’s unlimited wants.