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What is the meaning of word “Economics”? The English word economics is a derivative from the Greek word ‘Oikonomous’. ‘Oikos’ means household and ‘nomos’ means management. Hence, simple definition and meaning of economics is “management of households”. There are some definitions and meaning of economics by various well-known economists

Supply is very important concept in economics. So, it becomes necessary to understand definition, meaning, functions and factors of supply. Considering the demand for various goods in the market, it becomes a function of the market to meet that demand by ensuring the supply of these goods. Law of Supply is very important concenpt in economics.

If a person wants to buy something at particular period of time, it isn’t called demand. The meaning and definition of demand in economics is very wide. In economics, there are many determinants or factors of demand.
The determinants of demand or factors affecting demand can be classified into two parts:

• Price of the goods or services
• Factors other than price of goods (Other factors)

Generally, the place where the buying and selling of goods and services take place is called Market. But the definition of market is very wide in economics which is based on some features and there are various classification or types of market.

Perfect competition market or Perfect Competition is an ideal market. But it is only possible in theory and not practically because the conditions which are required for establishing perfect competition are no met that easily.

There are different types of unemployment found which is depend on the nature of the economy. On the basis of countries unemployment can be classified into two parts:
[A] Types of Unemployment in Developing countries:
[B] Types of Unemployment in Developed Countries:

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The law of demand was presented by well-known economist and Prof. Alfred Marshall and it explains an inverse relationship between price and demand for goods keeping all factors other than price constant.

If the price of commodity increases, demand contracts and price decreases, demand extends. But economists, industrialists and government must know about how much demand will change with price elasticity of demand. In short, the rate at which demand changes with the change of price is called price elasticity of demand. There are various types of price elasticity of demand in economics.

Capitalism is an economic system in which all means of production are owned and controlled by private individuals and all the decisions are made on the basis of profit. Private property is the mainstay of capitalism and profit motive is its driving force. The government is not supposed to interfere in the management of economic affairs under this system. An economy is called capitalism or a "free market economy" or "laissez-faire economy".

A socialist economy is also called as "Command Economy" or a "Centrally Planned Economy" because the resources are allocated according to the commands of a central planning authority. Under a socialist economy production and distribution of goods are aimed at maximizing the welfare of the society as a whole.

In a mixed economy, the aim is to develop a system which tries to include the best features or characteristics of both the controlled economy (socialism) and the market economy (capitalism) while excluding the disadvantages of both. U.S.A; U.K; and India are examples of mixed economy in which the private sector and the government jointly perform the economic activities in the economy.

There are Four Factors of Production: Land, Labour, Capital and Entrepreneur. All these factors are equally important in the process of production.

There are four factors of production: land, labour, capital and entrepreneur. The activity of production does take place itself with the factors of production. There must be a factor which coordinate, mobilise, combine, direct and supervise them and initiates the process of production with the risks involved in it. This factor is known as the “Entrepreneur”.

Every economic system has to deal with this central economic problem of scarcity of resources to satisfy its wants. The central economic problem is further divided into four basic economic problems. These are:

(A) What to produce?
(B) How to produce?
(C) For whom to produce?
(D) What provisions (if any) are to be made for economic growth?

In modern world, there is no requirement of coincidence of wants for mutual exchange as one can buy anything in exchange for money. But in earlier times, human beings used to satisfy their wants by exchanging goods and services among themselves and such a system is known as barter system.

Money is the centre of all economic activities in the economy. According to Walker, “Money is what money does” which means anything which performs the functions of money which are medium of exchange, measurement of value and store of value. Thus, money can be defined as anything which performs the functions of money.

A commercial bank can be defined as business unit which provides banking services. People entrust their surplus money as savings with the banks which banks handle in the form of deposits. Banks use some of these deposits for lending and the rest for investment and therefore they give interest to the depositors and charge interest from borrowers. There are various functions of Commercial bank.

What is nature of economics? Whether nature of economics is a science or an art or both. And if economics is a science, whether it is a positive science or a normative science or both. Economics is also related with other sciences like psychology, sociology and statistics. Economics as a science and as an art can be explained.

Demand is of many types depending upon various factors. Before understanding types of demand it is necessary to understand what is demand in economics? Demand is a quantity of a commodity which a buyer desires to, able to and willing to buy at a given price during given period of time.

There has always been debate on pros and cons of capitalism vs socialism and which economic system is better than the other one. The main difference between capitalism and socialism is the ownership of factors of production and motive of economic activities take place in the economy.

Law of supply states that if the price of commodity increases, its supply expands and vice versa which means there is a direct relationship between price of commodity and its supply. Price elasticity of supply is how supply of commodity respond due to change in its price.

The law of variable proportion states that when total output or production of a commodity is increased by adding units of a variable input, while the quantities of other inputs are held constant, the increase in total production becomes, after some point, smaller and smaller.

What is Migration? In ordinary language, Migration means change in place or moving from one place and settling in another place. But in economics, migration has many types and occur due to many factors which effects the economy in both positive and negative way. The process of migration became faster with rapid increase in economic development.

Economics studies economic activities regarding production, consumption and distribution of goods or services. The nature and types of goods and services is different though both are important in economics. Goods can be measured in numerical term or cardinally, but services cannot be measured in quantitative or numerical term; it can be measured in time spent on it.