Definitions of Economics

Paul Samuelson, Nobel laureate in Economics in 1970, defines economics as the study of how a person or society meets its unlimited needs and wants through the effective allocation of resources.

There are other definitions of economics. Here are some:

- Economics is a science that deals with the study of the production and distribution of a country's resources.

-   Economics is a social science that deals with the study of the utilization of a country's natural resources.

-   Economics is a social science that deals with the study of how people can be influenced by the economic system around them. For example, if the price of certain commodity goes up, people will try to conserve that commodity or buy something that costs less.

-   " Economics is the study of mankind in the ordinary business of life; it examines that part of an individual and social action which is most closely connected to the attainment of and the use of the material requisites of well-being."—Alfred Marshall, British economist

-   " Economics is a science that deals with the study of human behavior as a relationship between ends and scarce means which have alternative uses."—Lionel Robbins, British economist