what is economics all about?

economics is about making choices in the presence of scarcity. the two terms namely,scarcity andchoice used here are very important and noteworthy because of their hidden role throughout. let us consider in this regard some universal trths such as:
1. human wants are unlimited.
2. resources to satisfy them are scare.
3. resources have alternative uses.
 
conomics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education,the family, health, law, politics, religion, social institutions, war and science. The expanding domain of economics in the social sciences has been described as economic imperialism.
 
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