Economics
The study of choices leading to the best possible use of scarce resources in order to best satisfy unlimited human needs and wants.
Economics is a social science because it deals with human society and behaviour, especially those aspects concerning how humans organise their activities to satisfy their needs and wants.
Social science
Any academic field that examines human society and social relationships, focusing on uncovering general principles that explain how societies operate and are structured.
Economics, in its essence, is the study of human behaviour in the face of scarcity, about people and the choices they make in face of scarcity.
Economics is divided into two main branches, breaking down the economy into two levels: microeconomics and macroeconomics.
Microeconomics
The branch of economics that studies the behaviour of consumers and firms in making decision regarding the allocation of resources.
Macroeconomics
The branch of economics that analyzes the economy as a whole by using aggregates.
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Paywall
(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.
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