Economics
Economics is the social science that studies the production, distribution,
and consumption of goods and services. The term economics comes from the
Greek for oikos (house) and nomos (custom or law), hence "rules of the
house(hold)."
A definition that captures much of modern economics is that of Lionel
Robbins in a 1932 essay: "the science which studies human behaviour as a
relationship between ends and scarce means which have alternative uses."
Scarcity means that available resources are insufficient to satisfy all
wants and needs. Absent scarcity and alternative uses of available
resources, there is no economic problem. The subject thus defined involves
the study of choices as they are affected by incentives and resources.
Areas of economics may be divided or classified in various ways, including:
microeconomics and macroeconomics
positive economics ("what is") and normative economics ("what ought to be")
mainstream economics and heterodox economics
fields and broader categories within economics.
One of the uses of economics is to explain how economies work and what the
relations are between economic players (agents) in the larger society.
Methods of economic analysis have been increasingly applied to fields that
involve people (officials included) making choices in a social context, such
as crime [3], education [4], the family, health, law, politics, religion
[5], social institutions, and war [6]
From: Wikipedia
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ECONOMICS