Economics is the study of human behaviour as it relates to the
Answer Details
Economics is a social science that studies human behavior in relation to the efficient allocation of scarce resources. In other words, it seeks to understand how people make decisions about what to produce, how to produce it, and for whom to produce it, given the limited resources available. The goal of economics is to improve the standard of living by maximizing the efficient use of resources to generate income and produce goods and services.