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What is meant by economics? - Economic Applications

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प्रश्न

What is meant by economics?

What is economics?

What is economics all about? Or what is economics?

अति संक्षिप्त उत्तर
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उत्तर १

The term ‘Economics’ comes from oikonomikos, which means ‘management of households.’ ‘Political Economy’ is renamed as ‘Economics’ by Alfred Marshall.

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उत्तर २

Economics is all about making choices in the presence of scarcity.

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