What is Economics andTerms Related to Economics

The word ‘Economics’ was derived from the Greek words ‘Oikos’ (a house) and ‘Nemein’
(to manage), which meant managing a household, using the limited money or resources a household has.
Another definition we have:
Economics is thus the study of the allocation of scarce resources to meet unlimited human wants.
Economics is about economizing*; that is, about choice among alternative uses of scarce resources. Choices are made by millions of individuals, businesses, and government units.
The economizing involves the allocation of resources among competing wants. We do economize because there are:
Unlimited wants.
Limited resources.
Terms Related to Economics and Economizing
Resources
Resources are defined as income or other asset used to produce goods and services that meet human needs and wants. Resources include land, humans, capital, machinery etc.
Wealth
Wealth measures the value/worth of all the assets or resources owned by a person, community, company, or country.
3. Welfare
It is the level of prosperity and standard of living of either an individual or a group of persons
4. Scarcity
Scarcity in economics refers to when the demand for a resource is greater than the supply of that resource, as resources are limited . It refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources
5. Needs and Wants
A need is something required to survive while a want is something that people desire to have, that they may, or may not, be able to obtain.
6. Economy
An economy is a system of inter-related production and consumption activities that ultimately determine the allocation of resources within a group.