Economics is the social science that provides understanding, meaning and relevance of human action under conditions of scarcity. In other words, the study of economics enables a more effective use of scarce resources such as people’s time and talents, land, buildings, equipment, tools on hand, and the knowledge of how to combine them to create products and services to satisfy human wants. Economics is a value-free science. It never tells people how to act, it merely shows how they need to act to attain specific results.
