What Is Economics?

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Definition

 Economics is a social science concerned with the production, distribution and consumption of goods and services. Basically, it studies about how individual, firms and government make their choices to allocate the available resources to satisfy their wants and needs. This choices are important and are made mainly because to achieve a certain objectives to maximize output. 


Lionel Robbins

  "Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses."

Alfred Marshall

  "Political Economy or Economics is a study of mankind in the ordinary business of life. It  examines that part of individual & social action which is most closely connected with the attainment & with the use of material requisites of well-being".

 Adam Smith

  ''Economics as the study of the nature and causes of nations' wealth or simply as the study of wealth.''
Meaning of Economy in Islamic Perspective
Islamic economics (Arabic: الاقتصاد الإسلامي‎‎), is a term used to refer to Islamiccommercial jurisprudence or fiqh al-mu'āmalāt (Arabic: فقه المعاملات‎‎), and also to an ideology of economics based on the teachings of Islam that takes a middle ground between the systems of Marxism and capitalism.







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