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Definitions of Economics

Updated on May 26, 2009

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

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    • profile image

      DoveFreexrolo 18 months ago

      Japanese Gardens ?Although the gardens are technically in Fort Worth, Texas, it

    • profile image

      brandy 18 months ago

      pls i ned ten different difinition of ecmomics and not from dis sam people

    • profile image

      Aliyu Uthman 2 years ago

      Its great but would appreciate the names of the scholars. Thanks.

    • profile image

      jelian 3 years ago

      I need some different definition of economics and by author

    • profile image

      tyncspeeree 4 years ago

      Hey guys just wanted to tell you all about my new blog, its all about how to make money fast, so if you have 2 minuites have a quick read and tell me what you think. you could try here

    • profile image

      king success 4 years ago

      thanks for the knowledge you given to me about Economics, i wish you will give me more thank you.

    • profile image

      charity clarenu 4 years ago

      thanks for all the definitions from different authors most especially lionel robin.but i still want 6 definitions of economics by others authors

    • profile image

      sunday nwankwo 4 years ago

      pls i want 10 more definition bcos it really help me thank u Mr Lionel Robbins

    • profile image

      shittu saidi 4 years ago

      understanding economics help individuals and societies a lot...

    • profile image

      jeralyn viado 5 years ago

      need some other definition of economics and the authors .

    • profile image

      heuroz 5 years ago

      give 10 difinition of economics given by diferent writer and author

    • profile image

      orlando 5 years ago

      that's really help me!

      because of that i learn many things!!

    • profile image

      uglym 5 years ago

      thanks to the defination it help mi very much22222222222GOD BLESS

    • profile image

      mankulu 5 years ago

      please i need about 30 definitions of economics

    • profile image

      Tariq jumani 5 years ago

      Thanks for these difinitions ......keep it up

    • profile image

      DR.DURAID 5 years ago

      it's nice difinition i have also one i'll presente it The study of how man and society choose, with or without the use of money, to  employ scarce production resources to produce various commodities over time  and distribute them for consumption, now and in the future, among people

    • profile image

      zakeen 5 years ago

      nice information about economics

    • profile image

      Devi...... 5 years ago

      I want to know very important definition 4 economics

    • profile image

      Tolulope Agbaje 5 years ago

      please i want 20 different definitions of economics

    • profile image

      Bello Odunayo 5 years ago

      This is a usefull information, but i need at list five definations and authors thanks.

    • profile image

      Matthew Godfrey 5 years ago

      I want 20 definition of economics,their authors and date

    • profile image

      GABRIEL MICHAEL 5 years ago

      GREAT DEFINITIONS I WOULD LOVE MORE TO BE ONLINE.

    • profile image

      Angela Ananaba 5 years ago

      Am very indeed greatful for the definations of economic.

    • profile image

      grace 5 years ago

      i want 10 definitions of economics their authors and year

    • profile image

      Gift 5 years ago

      I want 10 more definitions of economics and their authours

    • profile image

      Godswill 5 years ago

      Please i need 20 definitions of economics and their authors

    • profile image

      Longjohn 5 years ago

      I need 10 different authors nd their definition in economic

    • profile image

      Adamu 5 years ago

      Economics

    • profile image

      samina kausar 5 years ago

      very goooood.........

    • profile image

      prosper joseph 5 years ago

      I want 10 authors of classical economics definition

    • profile image

      titusco 5 years ago

      plz wen posting d definition of economics plz also add d authors n d year, bt i love d subject, plz r rivpoly student b careful with d way u talk on line, nt bcuse dey give u assignment on it, u will noun b mking stupide conment

    • profile image

      Gift 5 years ago

      I love this definitions but i need more n there author

    • profile image

      Daobu ibi-ilate 5 years ago

      I need ten definition of economics and their authors

    • profile image

      Disu kunle oyebola 5 years ago

      Dis is vry interesting. .i love it

    • profile image

      kemlight 5 years ago

      pls i need ten definition of economics with their author. And classified them, some into classical and goe classical

    • profile image

      Ally folashade 5 years ago

      Dis is lovely buh i need more definations.

    • profile image

      Pastor Clement Izekor 5 years ago

      Thank you. I need more twenty of these good dfinitions and their authors

    • profile image

      tzeez 5 years ago

      Thanks for your definition but we still need atleast ten (10) good definitions and d name of d authors

    • profile image

      imran sohil 5 years ago

      how economics originate?

    • profile image

      Obinna felix 5 years ago

      Gud work 4rm u guys, bt we also nid the year to each definition and the author

    • profile image

      Mma 5 years ago

      10 other definitions of economics and the author

    • profile image

      Mma 5 years ago

      10 other definitions of economics and the author

    • profile image

      BLESSING 5 years ago

      Very Educative

    • profile image

      Ejioye Adedotun martins 4rm K.C 5 years ago

      i need 10 more definitions of economics

    • profile image

      Ewuga joshua 5 years ago

      Tanx 4 d difinatons u guy ar great

    • profile image

      Maxwell Mante 5 years ago

      Thanks for the definition of that of Paul Samuelson

    • profile image

      Soyinka Daniel 5 years ago

      I NEED 30 GOOD DEFINITIONS OF ECONONOMICS APART FROM THIS GOOD DEFINITIONS

    • profile image

      honey 5 years ago

      very nice definitions

    • profile image

      azeez nurudeen 5 years ago

      5 definitions of economics and their author

    • profile image

      rabia 5 years ago

      u all are dull.

    • profile image

      Memo 5 years ago

      very nice work , Keepit up

    • profile image

      SAIMA ABDUL MALIK 5 years ago

      I LIKE THESE DEFINATIONS VERY MUCH SPECIALLY THE DEFINATION OF ROBBINS BUT I NEED SOME MORE DEFINATIONS

    • profile image

      Abasco 5 years ago

      Ineed15definitionsofeconomicwithdiferentauthors

    • profile image

      Olapade eniola elizabeth 5 years ago

      Very wonderful defination.mostly the one by ALFRED MARSHALL.it really help me a lot.but i need more.tanx, god bless u

    • profile image

      new folder 5 years ago

      HubPagessign instart a new Hubmy accountjoinhelpHomeTopicsHubsAnswersHubbersForums All TopicsPolitics and Social IssuesEconomy and Government Definitions of Economics Definitions of Economics70

      rate or flag this pageBy hotbabefatchicks

      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

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      Was this Hub ...? Useful (62)Funny (16)Awesome (14)Beautiful (13)Interesting (6)CommentsFollow (1)

      Mirza Imran Yousaf 20 months ago

      whose the other of this site i am very thank full to u man v v v thx to share this information

      stanley uzoho 19 months ago

      i want 10 authors of economics and their definitions

      Ndackson Emmanuel Atuma 19 months ago

      This informations is very useful and should be encourage.

      deshi 19 months ago

      very useful info

      ayesha 19 months ago

      very good definitions

      bakree 18 months ago

      i incourage it . good work

      rizwan alexander 18 months ago

      superb initiative . welldone also well meant, so it is bambar(wow).

      inshaf 16 months ago

      very useful definitions

      HIRA.M 16 months ago

      This is very useful info but i want more definition of different authors.

      asif afridi 15 months ago

      first of all thanks for that to provide some information about economics but that's not enough there is need of more defination .

      dacely 15 months ago

      thnx for this ! it helped me a lot :)

      BOBO 15 months ago

      ULOL

      lhai mhe 15 months ago

      ahekek..^^ Nyz.. it helps me lot..^__^

      lhai mhe 15 months ago

      ahekek..^^ Nyz.. it helps me lot..^__^

      keneth orosco 15 months ago

      thanks 4 the info.it helps me a lot.i have now a homerwork................

      EDWARD BANNOR 15 months ago

      I need ten different definitions of economics

      achel 15 months ago

      ur definitions was very resourceful for me as a student.. i need some definition of economics by different authors..

      deepthi(khm) 15 months ago

      super definition acutally it is very useful to me

      prema 14 months ago

      Prefer definitons by people of the present age. More modern definitions

      Naveen 14 months ago

      i need some definition of economics by different authors..

      tessy 14 months ago

      i need 10 definition of economics by different author and the year

      D1 13 months ago

      thanks a lot for your definitions

      harry 13 months ago

      a perfect definitions!

      Abhi krati Shukla 12 months ago

      Economics ek bakvas subject he agar aap apni jaan ki raksha chahte he to is se door rahe

      abc 12 months ago

      i want 6 other definitions and the authours

      frederick 12 months ago

      u guys are doing great

      godfred 12 months ago

      kindly help me find 7 other definitions on economics ,their authors

      damoah 12 months ago

      quality info

      STANLEY UZOHO 12 months ago

      I want 10 authors of economics and definitions

      Benjamin Tetteh 12 months ago

      I was filled with joy when I discovered it the first time.

      Jordaaaa 11 months ago

      Awesome :)

      Abdurahman.Puthanazhi 11 months ago

      It is very useful contribution

      oyinbrakemi Amgbare 10 months ago

      I need 10 authors of economics with their definations and their year.

      joch 10 months ago

      its so gud !! :))

      Adams Smith 9 months ago

      pls write 20 not 1 definition of economics

      dimsum 9 months ago

      tnx a lot

      Sadiq 9 months ago

      It's really and honestly significant

      M BNARAS ALI 8 months ago

      paul simuleson and lord keynes were great economist.There CONTRIBUTION IN ECONOMICS IS VERY GREAT.

      samuel 7 months ago

      i needed more of the definitions

      wahab saheed 7 months ago

      please i want 10 definition of Economics and their Authors

      Favour king 7 months ago

      Thanks a whole lot.please i need 10 more definations of economics and their authors

      shyam dhar mishra 7 months ago

      super definition acutally it is very useful to me

      uchenna 6 months ago

      i want 100 definitions of economics

      Grace 6 months ago

      please i want 10 definition of Economics and their Authors

      zen dandally 6 months ago

      i want P.A. Samuelson's definition and its critical examination please sent me.

      daucks mchywa 6 months ago

      i need references{sources}

      Samuel 4 months ago

      I need authors of all definitions

      hhh 3 months ago

      good

      artheha 3 months ago

      i found the definitions very useful...thank you for posting them.

      lyn2 landiao 3 months ago

      your definitions is very clear but I need 1o definition of Economics and different Authors.

      cheche 3 months ago

      i need 10 definition and its author so it can help me in my assignment..thankz

      heart breaker 3 months ago

      tnx to the defnations.... it help me a lot...,.,.,jaraaaaahhhh...,./,...iscachtefffeeee....daahhh what eveeeeeerrrrr.,.,.,;

      cram tinkaw 3 months ago

      tnx a lot it help me to my assignment.........

      blabla 3 months ago

      This helps!

      wowowww 3 months ago

      it really helps

      tanvi damania 3 months ago

      dats nt enough clear defination with author name. thnx 4 gvng dis mch information

      naveed alam 3 months ago

      plz write 10 more definition these or not engough

      elona 3 months ago

      plz more definition of econamics plz these is not enough

      Jerushah 2 months ago

      thanks for these definitions I am indeed very grateful

      Okpor Kenneth 2 months ago

      Thanks so much for the definitions but you should try to put more definitions of economics

      GEETHA 2 months ago

      GOOD SERVICE.THANK YOU

      DESIRE 8 weeks ago

      i like the defination of lionel robbins but add more of his defination like in divition of labour.

      meghna shah 5 weeks ago

      pls try to put more defination

      aaaaaaaaaaaaa 5 weeks ago

      really guys its too boring subject..................

      duzz 4 weeks ago

      asdas

      OLADOKUN BOLA ROFIAT 4 weeks ago

      TANKS FOR THE DEFINITIONS.IT REALLY HELPED ME...IMAO

      welly 3 weeks ago

      self explanatory for beginners

      OLATOYE 3 weeks ago

      ITS HELPS A LOT,pls can u include their authors.it would assist us to get the exert ECONOMIST.

      N.MANIKANDAN B.COM (NGM) 3 weeks ago

      I LIKE THIS DEFINITION

      N.MANIKANDAN B.COM (NGM) 3 weeks ago

      I LIKE THIS DEFINITION

      AUSTIN 3 weeks ago

      this is great

      austin

      Amit arija 2 weeks ago

      thnks for such info abt economics bt still need more content on it

      GAYATRI 2 weeks ago

      GIVE MAIN DEMERITS OF MONEY.

      Nimesh Pandya Rajasthan 2 weeks ago

      Really good defination

      syed fayaz hussain 2 weeks ago

      ya all of the definitions are very good and very essentail for us thanks.

      shubham chaudhary 5 days ago

      yes all definitions are very very good.............

      iqra munir 4 days ago

      great !! =)

      Sikandar Hussain 4 days ago

      there must explanation of defination....thanks

      sara 3 days ago

      very athentic and good

      6tandra9 3 days ago

      its nice , its really helpful.

      peace king 42 hours ago

      definition of economics by ten author.

      sammyphoenixx 26 hours ago

      I need ten more different definitions of economics by different authors

      Solomon stella mirian k 21 hours ago

      Thanks for giving me the paul samuelson definition of economics,i am greatfu

    • profile image

      Solomon stella mirian k 5 years ago

      Thanks for giving me the paul samuelson definition of economics,i am greatful.

    • profile image

      sammyphoenixx 5 years ago

      I need ten more different definitions of economics by different authors

    • profile image

      peace king 5 years ago

      definition of economics by ten author.

    • profile image

      6tandra9 5 years ago

      its nice , its really helpful.

    • profile image

      sara 5 years ago

      very athentic and good

    • profile image

      Sikandar Hussain 5 years ago

      there must explanation of defination....thanks

    • profile image

      iqra munir 5 years ago

      great !! =)

    • profile image

      shubham chaudhary 5 years ago

      yes all definitions are very very good.............

    • profile image

      syed fayaz hussain 5 years ago

      ya all of the definitions are very good and very essentail for us thanks.

    • profile image

      Nimesh Pandya Rajasthan 5 years ago

      Really good defination

    • profile image

      GAYATRI 5 years ago

      GIVE MAIN DEMERITS OF MONEY.

    • profile image

      Amit arija 5 years ago

      thnks for such info abt economics bt still need more content on it

    • profile image

      AUSTIN 5 years ago

      this is great

      austin

    • profile image

      N.MANIKANDAN B.COM (NGM) 5 years ago

      I LIKE THIS DEFINITION

    • profile image

      N.MANIKANDAN B.COM (NGM) 5 years ago

      I LIKE THIS DEFINITION

    • profile image

      OLATOYE 5 years ago

      ITS HELPS A LOT,pls can u include their authors.it would assist us to get the exert ECONOMIST.

    • profile image

      welly 5 years ago

      self explanatory for beginners

    • profile image

      OLADOKUN BOLA ROFIAT 5 years ago

      TANKS FOR THE DEFINITIONS.IT REALLY HELPED ME...IMAO

    • profile image

      duzz 6 years ago

      asdas

    • profile image

      aaaaaaaaaaaaa 6 years ago

      really guys its too boring subject..................

    • profile image

      meghna shah 6 years ago

      pls try to put more defination

    • profile image

      DESIRE 6 years ago

      i like the defination of lionel robbins but add more of his defination like in divition of labour.

    • profile image

      GEETHA 6 years ago

      GOOD SERVICE.THANK YOU

    • profile image

      Okpor Kenneth 6 years ago

      Thanks so much for the definitions but you should try to put more definitions of economics

    • profile image

      Jerushah 6 years ago

      thanks for these definitions I am indeed very grateful

    • profile image

      elona 6 years ago

      plz more definition of econamics plz these is not enough

    • profile image

      naveed alam  6 years ago

      plz write 10 more definition these or not engough

    • profile image

      tanvi damania 6 years ago

      dats nt enough clear defination with author name. thnx 4 gvng dis mch information

    • profile image

      wowowww 6 years ago

      it really helps

    • profile image

      blabla 6 years ago

      This helps!

    • profile image

      cram tinkaw 6 years ago

      tnx a lot it help me to my assignment.........

    • profile image

      heart breaker 6 years ago

      tnx to the defnations.... it help me a lot...,.,.,jaraaaaahhhh...,./,...iscachtefffeeee....daahhh what eveeeeeerrrrr.,.,.,;

    • profile image

      cheche 6 years ago

      i need 10 definition and its author so it can help me in my assignment..thankz

    • profile image

      lyn2 landiao 6 years ago

      your definitions is very clear but I need 1o definition of Economics and different Authors.

    • profile image

      artheha 6 years ago

      i found the definitions very useful...thank you for posting them.

    • profile image

      hhh 6 years ago

      good

    • profile image

      Samuel 6 years ago

      I need authors of all definitions

    • profile image

      daucks mchywa 6 years ago

      i need references{sources}

    • profile image

      zen dandally 6 years ago

      i want P.A. Samuelson's definition and its critical examination please sent me.

    • profile image

      Grace 6 years ago

      please i want 10 definition of Economics and their Authors

    • profile image

      uchenna 6 years ago

      i want 100 definitions of economics

    • profile image

      shyam dhar mishra 6 years ago

      super definition acutally it is very useful to me

    • profile image

      Favour king 6 years ago

      Thanks a whole lot.please i need 10 more definations of economics and their authors

    • profile image

      wahab saheed 6 years ago

      please i want 10 definition of Economics and their Authors

    • profile image

      samuel 6 years ago

      i needed more of the definitions