Economics is one social science among several and has fields bordering on other areas, including economic geography, economic history, public choice, energy economics, cultural economics, family …

They explain why economic phenomena occur, how markets work and how government policy influences the economy. Skills sharpened with economics are applicable to many jobs including …

In the 20th century, English economist Lionel Robbins defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative …

Aug 25, 2025 · What Is Economics? The study of economics is a social science primarily concerned with analyzing the choices that individuals, businesses, governments, and nations make to allocate limited...

One of the fundamental principles of economics, described by Adam Smith in “The Wealth of Nations”. Work can be undertaken more efficiently if broken up into discrete tasks.

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Learn all about the fields of economics, microeconomics, macroeconomics, finance, and capital markets with hundreds of videos, articles, and practice exercises.

Economics is the study of how we make choices in the face of scarcity and how those choices motivate behavior. As individuals, families, and nations, we confront difficult choices about how to use limited …

Economics is essentially the study of how we, as individuals and as a society, make decisions amidst scarcity. It focuses on how resources, which are finite and limited, are allocated to meet the ever …

This is how Lionel Robbins came to define economics in the early 1930s and there is a good chance that many of you heard a variant of this definition in your first Economics 101 lecture.