What is Economics?

Everything in life is scarce. Economics is the study of how we deal with scarcity and how demand and supply curves work.

The main objective of economics is the scarcity and the allotment of resources.

Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.

In the words of F. A. Walkers-

            "Economics is that body of knowledge which relates to wealth."

In the context of Alfred Marshall-

             "Economics is the study of people in the ordinary business of life."

According to Lionel Robbins-

              "Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses."

At last, we can conclude that economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods.