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The economic can be defined is several definitions:
- The social science that studies the choices that individuals, businesses, governments, and societies make as they cope with scarcity.
- The science which studies human behavior as a relationship between ends and scarce means that have alternative uses.
- The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps it possessors to draw correct conclusions.
- Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
- Economics is all about how people make choices. Sociology is about why there isn’t any choice to be made.
