Economics

Economics is a social studies that is focused on behavior of humans as a relationship between scarce means and insatiable or unlimited socially required ends. Simply put, Economics is the study of how human is able to respond to scarcity in times of need. It is concerned about the generation (production), distribution, and consumption of wealth (goods and services).

Etymology
Economics (Greek: Οἰκονομικά; Latin: Oeconomica) means "household management" and is derived from the Greek word, οἶκος, oikos, meaning "house/household". The term includes household finance as it is commonly known today and also defines the roles members of the household should have. In a broad sense the household is the beginning to economics as a whole.

Fields
Economics is studied from both the positive and normative, cardinalist and ordinalist approaches, etc. There are basically two main branches of economics and these are; macroeconomics and microeconomics.

Macroeconomics
Macroeconomics is concentration on the aggregate of the economy, that is, it involves the study of the economy as a whole.

Microeconomics
Microeconomics is the study of the infinitesimal aspect of the economy, that is, economic agent such as the households, government, firm, and their interactions.

Economics is both an art and a science (a collection of empirical knowledge). As a science, economics involves the use of the scientific method to profer solutions to human problems. It is considered a social sciences as it involves empirical knowledge and observation of human behavior and welfare to understand the reactions of humans to scarcity in relation to their individual or collective needs.