1st chapter Fundamental of Economics Book "Nature and Scope of Economics" || 1st lacture

Описание: Welcome to our YouTube channel, where we delve into the fascinating world of economics! In this video, we explore the nature and scope of economics, providing you with a comprehensive understanding of this captivating subject.

Economics is the social science that studies how individuals, businesses, and societies allocate scarce resources to satisfy unlimited wants and needs. Our video takes you on a journHost: Firstly, let's talk about the nature of economics. Economics is often referred to as the "science of choice" because it deals with decision-making in the face of limited resources. It studies human behavior in relation to economic activities and seeks to understand how people make rational choices to maximize their well-being.ey to uncover the fundamental concepts, principles, and theories that underpin this field of study.