Economics is not a natural science, i.e. it is not concerned with studying the physical world like
chemistry, biology. Social sciences are connected with the study of people in society. It is not possible
to conduct laboratory experiments, nor is it possible to fully unravel the process of human decisionmaking.
“Economics is the study of how we the people engage ourselves in production, distribution and
consumption of goods and services in a society.”
The term economics came from the Greek for oikos (house) and nomos (custom or law), hence "rules of
the household.
Another definition is: “The science which studies human behavior as a relationship between ends and
scarce means which have alternative uses.”
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