definition of economics
However, I would define economics as: the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires. A more detailed definition and discussion is found in What is Economics?
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek Î¿á¼°ÎºÎ¿Î½Î¿Î¼Î¯Î± from Î¿á¼¶ÎºÎ¿Ï + Î½ÏÎ¼Î¿Ï, hence rules of the house.