Economics is the social science that studies the production, distribution, and consumption of goods and services. It is concerned with how individuals, businesses, governments, and societies make choices about how to allocate resources to meet their needs and wants.

There are many different definitions of economics, but the definition of economics that is based upon the notions of ends, means, and alternative uses is known as the "opportunity cost" definition of economics, which is:

Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions.

This definition is often preferred over other definitions because it emphasizes the central role of choice and trade-offs in economic decision-making.

According to this definition, economics is the study of how individuals, businesses, and societies choose to allocate limited resources among alternative uses in order to satisfy their unlimited wants and needs. In making these choices, individuals and organizations must consider the opportunity costs of their actions, which are the foregone benefits of the next best alternative use of those resources.

This definition highlights the fact that all economic decisions involve trade-offs, as resources are limited and cannot be used to simultaneously satisfy all wants and needs. It also emphasizes the importance of making informed decisions based on the costs and benefits of different alternatives, rather than simply following tradition or convention.

This definition of economics is often referred to as "microeconomics," which focuses on the behavior of individual economic agents, such as households and firms, and how they interact in markets.

Overall, the opportunity cost definition of economics is widely accepted as a useful and comprehensive way of understanding the fundamental principles of economics.