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Economics is, “a science of wealth” – Adam Smith. Economics is the social science that helps in dealing with the production, distribution, and consumption of goods and services. Economics discipline is broadly divided into two sections: Micro-economics and Macro-economics. Economics simply means the whole process of optimally accumulating the scarce resources available in our economy efficiently and effectively by combining them in such a way that it accelerates the production, distribution and finally satisfies the human economic wants. Economics is also termed as “dismal science” by the Great “Thomas Carlyle” There are plethora of theories in economics which needs to be studied and remembered.
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