what is a economics
Answers
Economics is the study of how humans make decisions in the face of scarcity.
Scarcity means that human wants for goods, services and resources exceed what is available.
Resources, such as labor, tools, land, and raw materials are necessary to produce the goods and services we want but they exist in limited supply.
Explanation:
Economics is a social science concerned with the production, distribution, and consumption of goods and services. ... Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the aggregate economy, and microeconomics, which focuses on individual consumers and businesses.
Adam Smith
Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics.
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