ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Economics comes in whenever more of one thing means less of another.

Detailed explanation-2: -Economics is a social science focused on the economy and economic activities. Students majoring in economics study economic systems and how individuals and organizations produce and exchange goods.

Detailed explanation-3: -Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.

Detailed explanation-4: -In the 20th century, English economist Lionel Robbins defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses.” In other words, Robbins said that economics is the science of economizing.

Detailed explanation-5: -Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that most people have well-defined preferences and make well-informed, self-interested decisions based on those preferences.