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Category: Economics

Economics is the study of the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence “rules of the house(hold).”A Lionel Robbins in his 1932 essay: “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.” Scarcity means that available resources are insufficient to satisfy all wants and needs.