Economics may be appropriately being summed up as the study of the ways in which people make choices regarding how resources should be used.
The resources referred to might include talent or time available to people, the building, land and equipment amongst other tools at hand and the knowledge that is required for creation of useful services and products.
Such choices might be regarding the time devoted to work, study and leisure, spending and saving, the knowhow to combine resources in order to produce services and goods, the role of government in all these and the taxes levied.
Many times it is found that people make use of their resources in order to improve the level of well being that they currently have. This is inclusive of the seeming satisfaction gained from the choice of consumption of services and goods, the time they spend at leisure with their communities and families and also in their workplace and the services and the security provided by the government to facilitate such activities. But instances where people do not make use of resources for their well being are also found.
To state it shortly economics is inclusive of how land, labor and investments are studied. It also consists of putting under the scanner subjects like income, money, production and taxes and the expenditure of governments. The aim of the economist is to make measurements of the well being of people and to enquire about how it may increase in the due course of time and to make evaluations on the well being of both the poor as well as the rich. Adam Smith is regarded to be the father of Economics primarily due to his epic making of "Inquiry into the Nature and Causes of The Wealth of Nations," which was published way back in 1776 in Scotland.
Although individual behavior is definitely of importance, the scope of economics is broader. In encompasses the behavior of industries, businesses, countries and governments and the world at large, collectively. The start of Microeconomics lies in individual decision making while Macroeconomics throws light on the aggregate outcomes. Both view points are necessary for proper understanding of economical processes.
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