Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.[13] The word 'economics' is from the Ancient Greek οἶκοςoikos, 'family, household, estate', and νόμος nomos, 'custom, law', and hence means 'household management' or 'management of the state'. An economist is a person using economic concepts and data in the course of employment, or someone who has earned a degree in the subject. The classic brief definition of economics, set out by Lionel Robbins in 1932, is 'the science which studies human behavior as a relation between scarce means having alternative uses'. Without scarcity and alternative uses, there is no economic problem. Briefer yet is 'the study of how people seek to satisfy needs and wants' and 'the study of the financial aspects of human behavior'.

Question

Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.[13] The word 'economics' is from the Ancient Greek οἶκοςoikos, 'family, household, estate', and νόμος nomos, 'custom, law', and hence means 'household management' or 'management of the state'. An economist is a person using economic concepts and data in the course of employment, or someone who has earned a degree in the subject. The classic brief definition of economics, set out by Lionel Robbins in 1932, is 'the science which studies human behavior as a relation between scarce means having alternative uses'. Without scarcity and alternative uses, there is no economic problem. Briefer yet is 'the study of how people seek to satisfy needs and wants' and 'the study of the financial aspects of human behavior'.

Jeet Vaishnav · Accepted Answer

Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.[13] The word 'economics' is from the Ancient Greek οἶκοςoikos, 'family, household, estate', and νόμος nomos, 'custom, law', and hence means 'household management' or 'management of the state'. An economist is a person using economic concepts and data in the course of employment, or someone who has earned a degree in the subject. The classic brief definition of economics, set out by Lionel Robbins in 1932, is 'the science which studies human behavior as a relation between scarce means having alternative uses'. Without scarcity and alternative uses, there is no economic problem. Briefer yet is 'the study of how people seek to satisfy needs and wants' and 'the study of the financial aspects of human behavior'.

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