What is economics?

What is economics?

Economics is the branch of social science that deals with the study of production, distribution and consumption of goods and services.

Some more things to know what this field exactly means:

• Economics is an integral part of arts education. It overlaps with the fields of political science, sociology, geography, history and psychology.

• The laws of economics are put to use in every aspect of life i.e. in the society, business, government, education, crime, the family, health, law, politics, religion, social institutions, war and science.

• Economics further helps us to understand how individuals and societies choose to make use of scarce resources.

• It involves
- what goods and services will be produced,
- how they will be produced,
- how they will be distributed