this will give an idea about what economics is and is not

1. Introduction to Economics The Science of Economics is made for the benefit and development of the world. - Kautilya Chanakya

2. P.Naresh Kumar MSc(Quan.Econ);MSc(Stat); Faculty In Economics, SIBER, Kolhapur

5. Once such trends are understood, economics helps to develop the policies by which Governments can improve the performance of the economy 3) Economics is the study of commerce among nations. It helps explain why nations export some goods and import others, and analyses the effects of putting economic barriers at national frontiers.

6. 4) Economics is the science of choice. It studies how people choose to use scarce or limited productive resources ( labour, equipment, technical knowledge) to produce various commodities and to distribute these goods for consumption 5) Economics is the study of money, banking, capital and wealth.

7. In a common theme Economics is the study of how societies use scarce resource to produce valuable commodities and distribute them among different people.

8. We distinguish two types of Economics

21. Dr.Optimist fallacy was to assume that the tax cut was responsible for the increase in Govt.s revenues; overlooked was the fact that the growing economy was raising people’s income and might have increased tax revenues even more had taxes not been cut.