Economics, is most closely related to the study of how society manages its scarce resources. Study of choice, study of how society manages its scarce resources-science of constraint choice-“oikou” house, “nomos” to manage-management of home-science that deals with the allocation of limited resources to satisfy unlimited human wants.
Economics would be the research of where and how communities produce value goods, distribute them among various individuals, and make use of limited resources.
This definition would be based on two fundamental principles of economics: the scarcity of products and the necessity for society to make effective use of its resources. The inputs that which society uses to create output or products are termed resources. Resources encompass inputs like labor, money, and land, among others.
These resources and goods are considered scarce because of society's tendency to demand more resources and goods than are available. A scarcity of resources arises when the resources or means to fulfil an end are either limited or costly. Scarcity is an economic problem. It calls for the economic allocation of scarce resources to fulfil unlimited wants or needs.
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