What is Economics? - How Others Define EconomicsThe Economist's Dictionary of Economics defines economics as "The study of the production, distribution and consumption of wealth in human society."
Saint Michael's College answers the question "What is Economics?" with the answer "Most simply put, economics is the study of making choices."
Indiana University - Purdue University Indianapolis answers the question "What is Economics?" with the explanation "Economics is a social science that studies human behavior. Economics has a unique method for analyzing and predicting individual behavior as well as the effects of institutions such as firms and governments, or clubs and religions."
What Is Economics? How I Would Define ItIf I were asked to provide an answer to the question of "What is Economics?" on a test, I'd probably write the following explanation:
"Economics is the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires".
From this definition, we can break down the study of economics into two broad categories - microeconomics and macroeconomics.