It can be stated that “Economics is the study of mankind in the standard 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 prerequisites of well being.”
It can also be said that the significance of the fact that the means of satisfying human needs and wants are available only in limited quantities , so that when these means are employed to achieve the objectives of parceling out limited resources , other objectives must by necessity be relinquished/
Thus economics can be considered as a science which studies human behaviour as a relationship between ends and scarce means .
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