Economics is a science that deals with the production and distribution of scarce goods and services. Analogous to other social sciences, the economics are not only concerned with how the economy works, but – in the political economy – with how certain desirable states can be achieved. The economic science that studies the national economy is also called political economy. A separate compartment within the economic sciences, econometrics, it is where it develops and applies methods and techniques for the empirical economic research. The name comes from the Greek oikos economy (?????), which means house, and nomos (?????), meaning rule. Literally it means so economics.
Economics is the broadest and general sense of the science that studies how people with scarce resources acts to his needs. The scarcity of goods and inputs, and their management is the question for the economy as a science. The key question for the economy as a science is the optimum allocation of scarcity. (Shortage) in the economy is not the significance of rare but limited. That question is also linked with politics and political philosophy. The economic issue includes production, distribution, consumption and wealth. Economic activity arises because not everything at a time. Choices have to be made.
Economics studies the factors that determine these choices. Prices are important. Economics is sometimes regarded as the study of exchange in the broadest sense. The advantage is that it is more specific than the above, and goes to the heart of what it is about the economy (wages, prices, sales, sales), but the disadvantage is that it slightly limited: not all Economic activities have directly to do with exchange. The term is also used economics in the sense of satisfaction of a country and its people. “It goes well with the economy” means that there is prosperity. Wages are rising, unemployment is low and the companies make profits. This lemma is the word used in the sense of economics and social science.