What Is "ECONOMICS"? Book Review
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Published: February 17, 2008
we always use the word "ECONOMICS" eaisily but cann''''t understand its meanings actually.
ECONOMICS is actually a social science,which iclude sociology,psycology and political science. It is the study of how people make choices to satisfy their wants but wants are scares.
The definition of ECONOMICS means that whenever an individual, a business, or a nation faces alternatives,a choice must be made and and economics helps us to study how those choices are made, for example, if we have to choose how to spend our limited income, how much of our company''''s limited funds to spend on advertising and how much to spend on new product''''s research. In ECONOMICS we examine situations in which individuals can choose how to do things, when to do things and with whom to do them. Ultimately the purpose of economics is to understand choices.