An Economist Blog

We begin our first lesson basing on the FUNDAMENTALS OF ECONOMICS, After this lesson, the will be a video that will help you to understand all about the lesson orally. Enjoy both the texted lesson and the video for a detailed explanation.

                  CONCEPT OF ECONOMICS

What is Economics?

ECONOMICS: According to PROFESSOR CHARLES ROBBINS, Economics is a social science that studies human behavior as the relationship between ends and scarce means which have alternative uses. This is the widely accepted definition for economics. From the underlined phrases from definition,'' social science human behavior'', as the statement says, economics has to do with social animals(i.e. human beings) by studying their reactions towards economic issues. ''ends'' and ''scarce means'' has to do with the resources that are used for acquiring individual wants, it can be money, house, car and soon. Also ''alternative uses'' refers to the wants of individuals