Introduction: Is Law possible without Economics?
 
 Every law has an economic impact. As a BA LLB student, I realised that we cannot understand law without understanding economics. In this blog, I will explain definition, methodology and scope of economics in simple language.

1. What is the Definition of Economics?
 The word Economics comes from Oikos (House) and Nomos (Management).
 Adam Smith said Economics is the science of wealth. Alfred Marshall said it is the study of mankind in ordinary business of life. Lionel Robbins said - Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. In simple words, our wants are unlimited but resources are limited.

 2. Methodology of Economics
 A) Deductive Method - General to Specific. We assume a big rule then find examples.
 B) Inductive Method - Specific to General. We collect data then make a rule.
 
 3. Scope of Economics for Law Students
 Micro Economics - Study of one person or firm.
 Macro Economics - Study of whole country like GDP, Poverty, Inflation.
 Law and Economics - Labour Laws, Taxation Law, Property Law are all based on Economics.

 Conclusion
 So, Economics is not just about money, it is about justice and efficient use of resources.

 About the Author
 Name: Vaibhav Kumar
 College: Manu Law College, B.A. LL.B
 Intern at Law Gratis