Economics is a social science concerned with the factors that determine the production, distribution, and consumption of goods and services. It examines economies at both the individual and aggregate levels, and seeks to understand how individuals and societies make choices with limited resources. Adam Smith is considered the father of modern economics for his foundational 1776 work An Inquiry into the Nature and Causes of the Wealth of Nations, which defined economics as the study of wealth. Modern definitions, like Lionel Robbins' 1932 description of economics as the study of human behavior with scarce means and competing ends, aim to capture the full scope of the field.

2. Economics is a social science
concerned with the factors that
determine the production,
distribution, and consumption of
goods and services.

3. It’s a branch of economics that studies the
behavior of individuals and small impacting
players in making decisions on the allocation of
limited resources.
It examines the economy as a whole to explain
broad aggregates and their interactions “top
down”, that is, using a simplified form of general-
equilibrium theory.

4. He has known as the father
of economics because He introduces
different ways to earn money. In 1776 he
writes a definition of economy as “Study of
wealth is called economics”. He is most
famous for his 1776 book: An Inquiry into
the Nature and Causes of the Wealth of
Nations.

5. According to Alfred Marshall
“Economics is the study of people in the ordinary business of life”. In
short economics includes the study of labour, land and investment of
money, income and production and taxes and government
expenditures. Economist seeks to measure well-being to learn how
well-being may increase overtime and to evaluate the well-being of the
rich and the poor.

6. A definition that captures
much of modern economics is that of
Lionel Robbins in 1932 essay which states
as “the science which studies human
behavior as a relationship between ends
and scare means which have alternative
uses.”

7. Something close to the heart and
essential for survival is called Need as hunger
satisfied by foods. So, food is the need.
It is the desired that can be satisfied
by consuming or using a good or service.
This is the want for specific
products backed by an ability to pay. i.e., Money

8. The amount of Money that people pay when
they buy a good or services; the amount they receive
when they sell a good or service.
Cost of goods + Tax + Profit = Price
Costs are those expenses faced by a business
when producing a good or service for a market.
Price - Cost = Profit
The process during which a product is
offered, the case for purchase is made, the purchasing
decision occurs, and the business-to-customer
exchange takes place.