What is Economics ?

"Economics is the study of people in the ordinary business of life."-- Alfred Marshall, Principles of economics; an introductory volume (London: Macmillan, 1890)

"Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses."-- Lionel Robbins, An Essay on the Nature and Significance of Economic Science (London: MacMillan, 1932)

Economics is the "study of how societies use scarce resources to produce valuable commodities and distribute them among different people."-- Paul A. Samuelson, Economics (New York: McGraw-Hill, 1948)

Economics is the study of how people choose to use resources.

economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures.