Aside from that, economics also makes use of land, buildings, tools and equipment and of course knowledge and know-how. Important choices should be made when it comes to the economy i.e. how much time should be devoted for work, for school and for leisure. The government also plans on how much money should be spent on a certain sector and how much money should be saved. Economics is not purely about finance, basically, the study is about goods and commodities traveling from one place to another and how those goods and commodities can strengthen a nation’s economy.
Economics is a merge of many fields, from politics, to technology to the society itself. A very popular definition of economics was written by Alfred Marshall, the author for “Principles of Economics; An Introductory Volume”. The book, released in 1890 said that “Economics is the study of people in the ordinary business of life.” While this may be a very simplistic definition, this on its own is a good definition of what Economics really is.

Lionel Robbins said that “Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses.” While Paul A. Samuelson the writer of the book “Economics” printed in 1948 said that “Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.”

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