1.Study of how man and society choose with or without the use of money, to employ scarce productive resources which could have alternative uses to produce various commodities over time and distribute them for consumption ,now and in future, among various people and group in the society.

2. Sets of information stored or retained in the farm in written form

3. Degree of linking one sector of commodity to another. The commodity linked is chosen therefore becomes one's choice.

4. Study of how limited supplies of land, labour, capital and management are used to produce goods and services for consumption.

5. State of unlimited want, need or desire, for what is available at any moment.

6. Returns from best alternative foregone.