By Edmar Bernardes DaSilva, MA (Geography), and Ed.D. (Doctor of Education)
Economics is the area of social science that is concerned with production, distribution, and consumption of any kind of goods and services. The world economics originated from the Greek words oikos (house) and nomos (custom or law), which mean rules of the household.
Lionel Robbins, in 1932, gave us the modern definition of economics: "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses." For Robbins scarcity means that available resources are not sufficient to please all wants and needs.
Areas of economics:
Microeconomics: The area of economics that analyzes the market behavior of individual consumers and firms
Macroeconomics: The area of economics that deals with the functioning, organization, and performance of a national or regional economy as a total
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