"Key Economics Concepts and Their Simple Definitions"

1. Economics: It is a social science, which studies people in society and how they interact with each other.
2. Choice: It is the process of selecting goods, services or resources to purchase because of limited resources but unlimited wants. [Choice should be  based on COST  BENEFITS ANALYSIS : We should select goods and services which has low cost  but higher benefit.]
3. Scarcity: It is the sitution when demand for goods or services is more than supply or availability which aries due to unlimited wants and limited resources.
4. Opportunity cost: It is the cost of next best alternative that is available to business which hasnot been choosen and has been missed. 
5. Allocation of resources: It is the central problem related to the scarcity of resources and unlimited human wants.
6. Division of labour: It mean splitting of the whole work into different process and each process is performed by a special worker or group of workers. Alternatively, it means splitting of work into many parts and entrusting each part to an individual worker or group of workers according to their qualification, expirence etc. 
7. Specialization: It is the process of doing same thing over and over until one become an expert in doing that particular task. According to Adam Smith, specialization is the one of the primary factor to increase  productivity.