- Economics is the study of how individuals, businesses, and governments allocate scarce resources to satisfy their needs and wants.
- It examines the production, distribution, and consumption of goods and services.
- Originates from the Greek words "oikos" (household) and "nomos" (management), meaning household management.
- Defined by Adam Smith as the study of wealth creation and distribution.
- Modern definition by Lionel Robbins: Economics is the study of hum