Imagine you’re somewhere on a trip to a city. You’ve ₹100 and time for just one snack. You see sandwiches, fruit chaat, and samosas. What do you choose?
That’s Economics – deciding how to use limited resources to satisfy unlimited wants.
Definition:
” Economics is the study of how scarce resources are utilised by people, businesses, and governments to make choices.”

Economics is not just about money, nor is it only for policymakers. It is implemented in the daily lifestyle of people when they make a decision to use limited resources in the best possible way.

Importance of Economics:

1. Economics teaches you how to manage money through savings, budgeting, and spending wisely.
2. Economics develops decision-making skills.
3. It helps us understand how societies allocate scarce resources to meet unlimited needs and wants.
4. Most of the world’s major issues, from Climate change to poverty and conflict, have an economic angle.
5. Economics is essential for making informed decisions for governments and policymakers.
   Conclusion:
   The scope of economics is vast and evolving, encompassing not only the analysis of markets and resource allocation but also broader societal concerns like inequality, sustainability, and global development. It touches every part of human life where choices and scarcity exist.