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Definition of Economics and Basic Concepts of Economics This is hustle you are read economic scatter in this site tutorial we shall discuss about the definition of economics and basic concepts of economics so let's get started first we shall learn about the definition of economics economics is the science of scarcity which means we have unlimited wants but limited resources. In this picture you can see that individuals have unlimited wants but in this picture you can see that he has also limited resources so how he can utilize his limited resources to make the best choice he lies to fulfill his wants there are multiple definitions of economics but according to economics cater this definition is perfect, Now we shall discuss the basic concepts of economics there are two common concepts of economics one is microeconomics and the other one is macroeconomics. Microeconomics is the study of small units of an economy such as individuals firms and industries

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