Description

Economics is the social science that provides comprehension of the meaning and relevance of human action under conditions of scarcity. Economists work to understand unalterable laws of economizing behavior, the knowledge of which helps each of us achieve goals which are individual, time, place and circumstance specific. In other words, the study of economics enables a more effective use of scarce resources such as the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create products and services to satisfy human wants.

Economics is a value-free science. It never tells a person how to act; it merely shows how a person must act if they want to attain definite ends.

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