Define Economics: The word ‘economics’ comes from two Greek words, ‘eco’ meaning home and ‘nomos’ meaning accounts. The subject has developed from being about how to keep the family accounts into the wide-ranging subject of today. Economics can be defined as a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses.We can go further to state that:

1. economics is about the study of scarcity and choice
2. economics finds ways of reconciling unlimited wants with limited resources
3. economics explains the problems of living in communities in terms of the underlying resource costs and consumer benefits
4. economics is about the co-ordination of activities which result from specialisation

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