1. Economics Osama Tamari

2. What is Economics? “Economics is the study of how individuals, businesses and governments make choices when fact with a limited supply of resources”. When they are going to make these choices, they may don’t have enough money, so this situation called Scarcity. Scarcity is a problem with most of the people, and the main word to describe it is Poorness, but not with all of the people. Prentice Hall Economics Student Edition O’Sullivan Page 3

3. Dictionary The dictionary defines economics as “The study of the production, distribution and consumption of human society”.

4. Wikipedia “Economics is the social science that studies the production, distribution, and consumption of goods and services”. The term economics comes from the Ancient Greek ο ἰ κονομία (oikonomia, "management of a household, administration") from ο ἶ κος (oikos, "house") + ν όμος (nomos, "custom" or "law"), hence "rules of the house (hold)". Current economic models developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences.

5. Early Definitions Early definition, is that of English economist, William Stanley Jevons who lived in the late 19th century, wrote that economics was “the mechanics of utility and self interest”.

6. After That… At the turn of the century, Alfred Marshall's Principles of Economics was the most influential textbook in economics. Marshall defined economics as: “A 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 wellbeing. 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”.

7. Contemporary Definition Most contemporary definitions of economics involve the notions of choice and scarcity. Perhaps the earliest of these is by Lionel Robbins in 1935: “Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”.