Economics may be defined as social science which is concerned with production, distribution and consumption of goods and services.

It studies how individuals, businesses, governments and Nations make choices regarding allocation of resources to satisfy their needs and wants.

It also determines how these groups should organise and co-ordinate their efforts to achieve maximum output

Economics may be defined as Science as well as art.

Like science economics is also systematized body acknowledge. The various facts relevant to economics are systematically collected classified and analysed. Economic phenomena are capable of being measured in terms of money.

Therefore, Economics is the science which studies human behaviour as a relationship between various needs and resources having alternative uses.

As an art, economics need to be practised for the purpose of solving various problems using statistical techniques