Definition of Economics
Economics is the study of scarcity and how it influences the utilization of resources, the creation of goods and services, the expansion of production, and well-being over time, as well as many other significant and intricate societal issues.
What is the purpose of economics?
Economics is the study of the production, distribution, and utilization of goods. It examines how individuals, organizations, governmental entities, and nations decide to use their resources. Economics is the study of human behavior, predicated on the notion that individuals act rationally and seek out the greatest possible profit or value. The subject of economics examines how labor and commerce are conducted. Economics must determine which methods yield the best outcomes because there are several ways to obtain resources and utilize labor.