BRIEF INTRODUCTION OF ECONOMICS



                Economics is the branch of knowledge that studies human  behaviour  relalated to  their  choices,  preferences, cost, production, consumption, distribution, exchange and policy  issues.
      Economics is related to the basic economic problem -Scarcity. Scarcity is the mismatch between the limited ( or scarce) resources and refers and principally limitless wants. Resources are scare in relation to human wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible. In summary, Economics as a branch of knowledge provides some insights about how to optimality allocate these scare resources in order to get the maximum welfare out of it.

            Contemporary economics is  related to the development and  policy issues such as poverty, Hunger, Climate change, environmental health, Agriculture, Industries, Energy and so on.

     Written by Mir Khursheed Alam
          PhD Research Scholar.
   Indian Institute of Technology Mandi
             Himachal Pradesh
           91+ 9149503734


         Thanks For Reading
              A .R Statistics


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