ECONOMICS (CBSE/UGC NET)

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: -Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.

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: -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.

Detailed explanation-5: -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.