Do you have limited resources? Yes, everyone has limited resources.
Are you still capable of fulfilling your needs and wants through that limited resources? In most cases Yes.
This procedure of you using your resources for fulfilling your needs and wants is what we study in Economics.
Definition of Economics:
It is a social science/behavioral science concerned with the distribution, production and consumption of goods and service. In economics we study how individuals and societies are using the available scarce resources provided by nature and previous generations.
In simple words, economics is the study of how society utilizes (uses) its limited resources.
What is Economics? in Urdu/Hindi
What is Economics? in English
Are you still capable of fulfilling your needs and wants through that limited resources? In most cases Yes.
This procedure of you using your resources for fulfilling your needs and wants is what we study in Economics.
Definition of Economics:
It is a social science/behavioral science concerned with the distribution, production and consumption of goods and service. In economics we study how individuals and societies are using the available scarce resources provided by nature and previous generations.
In simple words, economics is the study of how society utilizes (uses) its limited resources.
What is Economics? in Urdu/Hindi
What is Economics? in English
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