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Economics Defined Robert A. Lyons, Jr. ECO 515 Economics of the Marketplace Philip Griffith July 16, 2001 Economics Defined It seems as though no one has ever succeeded in neatly defining the scope of economics. Merriam-Webster dictionary defines economics as a social science concerned chiefly with description and analysis the production, distribution, and consumption of goods and services (Merriam-Webster Collegiate Dictionary, 2001). Roger Arnold, states in his book "Economics," writes "Economics is about the choices people and societies have to make. He further states more succinctly, that economics is the science of scarcity. More completely, economics is the science of how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants (Arnold, 2001)." The economist Alfred Marshall, used to say that economics is "A study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely...

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