what is the essence of economic

11 months ago 43
Nature

The essence of economics lies in the study of human behavior as a relationship between ends and scarce means which have alternative uses, according to Robbins

. At its core, economics is the study of how to evaluate alternatives and make better choices, developing critical-thinking, problem-solving, and analytical skills to support good decisions

. It is also about institutional behavior, decision-making processes, and the analysis of law and public policy

. Economics is fundamentally about the art of decision making, the freedom of choice, and the opportunity to make trade-offs

. Some argue that the essence of economics is relationships, emphasizing that money is nothing more than debt and that economics is ultimately about life and human relationships