Economics is a great field of social science that deals with the study of the scarcity of

Economics is the great field of social science that deals with the study of the scarcity of resources. It analyzes factors affecting the production, distribution, and consumption of goods and services in an economy. It examines the allocation of scarce resources by individuals, businesses, and governments.Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.Little-picture microeconomics is concerned with how supply and demand interact in individual markets for goods and services. In macroeconomics, the subject is typically a nation—how all markets interact to generate big phenomena that economists call aggregate variables.