What is mean by economics?
The word economics is derived from Greek word ‘Oeconomicus’ which mean household management. In the beginning, it was the result politics religion and household management. But in the present time, it became a separate subject of study The economics deals with economic activities of human beings of the society. Economic activities which are concerned with efficient scarce resources which can satisfy human wants like consumption, production, distribution etc.
It is not easy task to provide a single accurate definition of economics. It is a unfinished science and it is always in the process of development. The definition of economics changes with the changes in socio-economic condition. So, the economic has defined differently.
According to Barbara otton ,” Whenever six economist are gathered there are seven options.” This statement indicate that there is no universal or general definition of economics.
Normally, we can say that economics is a science which studies human behaviour as a relationship between limited means and unlimited ends which has alternative uses.
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