ECONOMICS

Detailed explanation-1: -Economics is study of how people make choices under conditions of scarcity, and of the results of those choices for society. The study of individual choice under scarcity and its implications for the behavior of prices and quantities in individual markets.

Detailed explanation-2: -Ultimately, economics is the study of choice. Because choices range over every imaginable aspect of human experience, so does economics. Economists have investigated the nature of family life, the arts, education, crime, sports, law-the list is virtually endless because so much of our lives involves making choices.

Detailed explanation-3: -Lionel Robbins was a British economist who proposed a very scientific definition of economics where he emphasized on making choices from various alternative uses of the scarce resources in order to maximize the satisfaction achieved by the people on fulfillment of their wants.

Detailed explanation-4: -People make choices because they cannot have everything they want. All choices require giving up something (opportunity cost) Economic decision-making requires comparing both the opportunity cost and the monetary cost of choices with benefits. purchase goods and services.