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Meaning and Definition of Economics

People’s economic wants are of a very large number and they are also diverse in character. Biologically humans need only air, water, food, clothing and shelter. But in contemporary society we also seek many goods and services associated with comfortable or affluent standard of living. 

Fortunately, society is blessed with productive resources-labour and managerial talent, tools and machinery, land and mineral deposits-that are used to produce goods and services. This production satisfies many of our economic wants and occurs through the organizational mechanism called the economic system, or, more simply, the economy. 

Note: This is published for the internal use (of St. Philomena's College students) only and hence requires verification. 

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