User:Shubham Singh Panwar/sandbox/Economics Real Meaning

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Real Meaning of Economics

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What is Economics ? Economics is a science that studies Human Behaviour concerned with the use of scarce ( Liminted ) resources in such a way that producer wants maximum profit, consumer wants maximum satisfaction and society its maximum welfare :)

1. Economics is a science because it has its own conceptions, priciples, basics, and experiments like science. 2.Here Human means the producer, consumer and society. 3.It studies the behaviour of these 3 humans when they use their LIMITED/SCARCE RESOURCES for their needs. 4 By utilising the resources, producer wants to get maximum profit, consumer wants maximum satisfaction, society wants its maximum welfare.

CONLUSION: Economics studies that by utilising the limited resources how the humans react or behave in different circumstances and how they acheive their ideal situation.