What is economics? Economics is a great social science which deals with production , consumption and distribution of an economy. Acc. to Robbins ,”Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses” As we know the economic resources are limited and wants are unlimited,so here the problem of scarcity arises. Being a rational person we have to choose the most important wants. For example as a student I have 100 rupees and many things I can buy with that money. But for a student books and study materials are more essential . Economics tells us how to solve the problem of scarcity by choice. Thus,Economics is called science of choice. In class 11th and 12th level we study about two main branches of economics; here we g...
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