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Economics is derived from two Greek words OIKOS (household) and NEMEIN (management), Oikonomia i.e. household management. Thus, economics means the efficient management of one ‘s household affairs. But, it has now come to be understood as the study of business affairs, where we apply economic theories into practice and make decisions accordingly. Aristotle defines economics as household management which indicates the problem of food, shelter, clothing, education, treatment for family members, and the process for solving these problems by earning money. It is a study of allocating scarce resources for production, distribution, and consumption. Paul Samuelson described economics as the Queen of Social Sciences. According to him, economics deals with the economic aspect of human behaviour and it deals with how human beings satisfy unlimited wants with limited means.