Economics is a social science concerned with the production, distribution and consumption of goods and services. Its studies how individuals, businesses, governments and nations make choices on allocating resources to satisfy their wants and needs, and to achieve maximum output. The principle of this science details of the occupancy of human beings in a world of unlimited wants and limited means where efficiency and productivity are held supreme in nature, altogether it’s a study of choices. The outlook of how people choose to use their resources, we must consider all of their possible resources, of which money is but one. In practice, capital can include the whole thing from time to information and goods to tools. Because of this, economics helps represent how people interact within the market to understand their various goals. The existence of human wants is the starting point of all economic activity in the world. Unless, we make hard work, we can’t satisfy wants, even though the means which satisfy our wants are limited like time and money. As all wants are not of equal importance, choice plays pivotal. While human wants are unlimited, scarcity is the fundamental fact of life.
This study is generally parted in two categories as Microeconomics and Macroeconomics.