The two folds objective of the economy :
a) increasing the availability of resources and 
b)ensuring  their economical use

ii.According to the Marshall,Economics is the study of social welfare which can be brought through distribution of wealth.

iii.Economics is more of art than a science

Iv.Microeconomics is also known as macroeconomics

v.When  a consumer moves upwards left along a given demand curve it is termed as contraction of demand