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Economics is a science that studies the economy of the economic system" (Prasad K. N.)"It is the science of a certain form of organization of human activities" (Knight F. N.).Many other definitions have been offered for economics. Most focus on either the problems that economists usually deal with or the methods that economists use in dealing with these problems. So, economics can be defined as "the social science concerned with the problem of using or administrating scarce resources (the means of producing) so as to attain the greatest or maximum fulfillment of society's unlimited wants (the goal of producing)" (Prasad K. N.).ECONOMYThe word "economy" signifies "organization" of people engaged in their main occupation of making a living" (Bain J. S.).It is that social organization by means of which men satisfy their wants for scares goods and services. It is the sum of actions which make the satisfaction of wants possible" (Cassels J. M.)."It is a system in which goods and services are produced with the ultimate object of satisfying human wants" (Stone R.).
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