The statement that economics is the study of how an individual
or country can become rich is incorrect.
It is the study of scarcity and it deals with how people cope
with the production and consumption of those goods and services
that require resources which are scarce in nature.
That is it shows how the people of a nation deals with the
problem of scarcity when resources are limited and wants are
unlimited.
Hence it is the study of how goods are produced, distributed
and consumed by the people of an economy when the resources are
scarce.