What is economics? and what are the reasons in studying economics?

Question

Hi,

Yesterday was my 1st day with this subject and the teacher gave me this simple introductory questions for our assignments.. Could guys please help me.. tanx

BTW i need 3 definitions for the question "what is economics" tanx

Answer 1

Economics is the branch of social science that studies 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)."

Economics is an insightful study of how people behave and organizations operate under constraints of resources.  It provides powerful tools to understand and analyze many aspects of our lives and help us to be an informed, perceptive decision-maker.  Decision-making is an integral part of business or governmental organizations.  The economics department at Georgia State University offers a modern curriculum to prepare you for future endeavors and to meet unforeseen challenges successfully.  There are many good reasons to study economics:

   1. You get to talk about money without actually having any.

   2. You learn about protection and elastic demand.

   3. You get to say "trickle down" with a straight face.

   4. Mick Jagger, Arnold Schwarzenegger, and Ronald Reagan studied economics and look where it got them.

   5. It is the only discipline where two people can share a Nobel Prize for saying contradictory things.

   6. You learn about all of the interesting uses of an invisible hand.

   7. At least you know why you are in the unemployment line.

   8. When you get drunk, you can say that you were doing research on the law of diminishing marginal utility.

   9. You learn about inflows and sterilization.

  10. When you rearrange the letters of ECONOMICS you get COMIC NOSE.

Answer 2

First its spelling tanx as thanks then its the use of time and resourses.

Answer 3

Economics  > is the branch of social science that studies 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).

Modern economics developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences. A definition that captures much of modern economics is that of Lionel Robbins in a 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. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources.

we have to learn this subject  about Economics as a student beacuse we need this in our feature.