0Economics: Economics in general is about making Choices in the presence of Scarciy. The two words, Choice and Scaricity are important here. Choice involve when there is excess availability and Scarcity arises when the goods demanded are in shortage. Therfore Scarcity is known as Shortage of Goods.
But the above meaning do not give us detailed knowledge about economics. Therefore in detail:
Economics is a Social Science, Concernced with Human Behaviour in which People Choose the goods when they are in scarce quantity while satisfying Consumer Equilibrium when they behave as Consumer by achieving maximum satisfaction, producer equilibrium when they achieve maximum profits and Social Welfare when they live in Society.
There are three problems of Economics:
1. What to produce and How much to Produce?
2. How to Produce?
3. For Whom to Produce?
