Economics is the study of human behavior in choosing and creating prosperity.

The word "Economy" itself is derived from the Greek word Oikos which means "family, household" and Nomos, or "rules, rules, laws," and broadly the economy is defined as "household rules" or "household management."

Prof. Paul Anthony Samuelson (economist from Massachusetts Institute of Technology) proposed 6 definitions of economics:

Economics / political economy is a study of activities that with / without using money, including or involving exchange transactions between people.

A study of how people make the right choices to use scarce and limited numbers of productive resources, to produce various goods and distribute them to members of the community for their consumption.

the study of humans in their daily activities to get and enjoy life.

the study of how humans behave to organize their consumption and production activities
a study of wealth.
a study of ways to improve society.

"Economics is a study of how people use scarce resources.
"Economics is the study of the ways taken by the community to use scarce resources to produce useful commodities and distribute it to everyone." (Paul A. Samuelson and William D. Nordhaus)

There are 3 principles in economic problems:
· What: What items will be made
· How: How is the item produced
· For Whom: For whom the item is produced

Application Category:

"Understanding and Economic Problems"
"Market Mechanism (Request)"
"Market Mechanism (Offer)"
"Concept of Elasticity"
"Consumer Behavior Theory"
"Production Theory"
"Company Balance"
"National income"
"Investation"
"Economy of 3 Sectors"
"International Economy"
"Economic development"

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