Economics is the social science that studies the production, distribution, and consumption of goods and services. A definition that captures much of modern economics is that of Lionel Robbins: "The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses". Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources. This book serves as a resourceful guide into the world of economics, executing the dual duty of an encyclopaedia cum dictionary in a most conscientious manner. The concise alphabetical arrangement of economic terminology has been designed to provide compendious easy-to-understand information on the subject. Short biographies on eminent economists has been included and all entries are authoritative, erudite and informative. All these features should serve to make this books valuable to the reader.
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