WHAT IS ECONOMICS?
Economics is not a natural science, i.e. it is not concerned with studying the physical world like chemistry, biology. Social sciences are connected with the study of people in society. It is not possible to conduct laboratory experiments, nor is it possible to fully unravel the process of human decision-making.
“Economics is the study of how we the people engage ourselves in production, distribution and consumption of goods and services in a society.”
The term economics came from the Greek for oikos (house) and nomos (custom or law), hence “rules of
the household.
Another definition is: “The science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”
