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A level Economics cmuk guide An A Level Economics Guide Chapter 1 Background to Principles of Economics Economics is a social science that involves a systematic attempt to discover regular patterns of human behavior, both individually and as groups. These patterns are used to explain what is happening, to predict what might happen and assist policymakers to devise or choose appropriate economic policies. SOME DEFINITIONS OF ECONOMICS AUTHOR ALFRED MARSHALL GEORGE BERNARD SHAW RICHARD LIPSEY KARL CASE and RAY FAIR PAUL SAMUELSON CAMPBELL McCONNELL GEORGE LELAND BACH N GREGORY MANKIW JOSEPH STIGFITZ JAMES KEARL DEFINITION Economics is a study of mankind in the ordinary business of life. Economics is the art of making the most out of life. Economics is the study of the use of scarce resources to satisfy unlimited human wants. Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided. Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Economics is concerned with the efficient use or management of limited productive resources to achieve maximum satisfaction of human material wants. Economics is the study of how our scarce productive resources are used to satisfy human wants. Economics is the study of how society manages its scarce resources. Economics is the study of how individuals, firms, governments and other organizations within our society make choices and how those choices determine how the resources of society are used. Economics is the study of how individuals and groups of individuals respond to and deal with scarcity. Cmukombe260@qmail.com/cmuk@cooltoad.com mobile 0772368687 Page 1