What is Economics: Economics Definition

What is economics is a question a lot of people may ask and wonder, 'what is economy'. In this video you will find the economics definition as understanding the economy can set you on the right path of the basics. Bearing in mind my influence of Austrian economics has no bearing on the change to the economics definition.

When people ask 'what is economics' they often think about money, basically finances, rather economics is a study of our place on this earth with scarce resources so it's important to understand the economy for economic efficiency. This will give you an insight as to why laissez faire capitalism, a capitalist economy is better than a planned economy, so when people ask 'what is economics' the simple answer is a study as to how we can better improve our living standards with scarce resources, what type of economic system determines economic efficiency.