What is economics?
Economy Dec 09, 2019
If you consider the definition of the word itself, economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. So, in simple terms, economics studies how limited resources are used by society.
It is a social science that can be broken down into macroeconomics (overall economies) and microeconomics (individual consumers and producers). Human beings have seemingly unlimited wants, but we live in a world of limited means: therefore, efficiency and productivity are central to economists.