Definition of Economics

• Economics is the study of economic issues or economy problems arising out of the fact that resources are scarce in relation to our needs or desires and the scarce resources have alternative uses.
• Economics is a subject matter that focuses on the rational management of scarce resources in such a manner that our economic welfare is maximized. 
• It is a social science which studies the way a society chooses to use its scarce resources, which have alternate uses, to produce goods and services and to distribute them among different groups of people. It deals with making choices in the backdrop of scarcity.
• Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
• Smith defined economics as “an inquiry into the nature and causes of the wealth of nations.”
• According to Professor Robbins “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”
• According to Alfred Marshall “Economics is the study of mankind in the ordinary business of life.”
• According to George Bernard Shaw “Economy is the art of making the most of life.”
• According to Richard Lipsey “Economics is the study of the use of scarce resources to satisfy unlimited human wants.”