- Economics is a subject that deals with how man satisfies his wants using scarce resources. It uses a supply and demand framework to explain how the prices and quantities of goods and services are determined in a free market economies system.
- Adam Smith defined economics as a science of wealth which studies production and distribution.
- Robin see it as a science which studies human behavior as a relationship between needs, wants and scarce means which have alternative uses. Therefore Economics as a subject deals with how unlimited wants may be satisfied using limited resources. Therefore, because resources are limited and wants are limitless, a choice has to be made on what to satisfy first and what to satisfy later or forget altogether.
maurice.mutuku answered the question on July 21, 2017 at 07:16
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