Question

Economics is not about money Explain

Answer 1

Economics is derived from two Greek words "okoi" and "nemeim", which means the management of the household. Basically, economics is a social science, which studies about man, living in a society and confronted with some practical problems of life. Therefore, there is the problem of scarcity and hence man has to make choice, thus the subject matter of economics is in terms of scarcity and choice. Economics studies studies how resources are used and is often concerned with how resources can be used to their fullest potential. It examines that part of individual and social which is most closely connected with the attainment and with the use of the material requisites of well-being.