Definations of economics

The word 'Economics' is gotten from a greek word 'okinomomia;. It signifies 'administration of house undertakings' Many business analysts have characterized economics from numerous points of view. Following are a portion of the definitions by economics specialists

(1) Economy in general is the art of providing for all the wants of a family, so as the science of political economy seeks to secure a certain  funds of subsistence foe all inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary for supplying the wants of the society, and to employ the inhabitants in such manner as naturally to create reciprocal relation and dependencies between them, so as to supply one another with reciprocal wants.
                                                                                                                  -James Steuart

(2) Economics is the study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well being . Thus it is on one side a study of wealth ; and on the other, and more important side,, a part of the study of man.
                                                                                                                -Alfred Marshall

(3) Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
                                                                                                               -Lionel Robbins

(4) Consumption  is the sole end and purpose of all production and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting  that  of the consumer.
                                                                                                               - Adam Smith