Defining Economics

Economics is a science that studies how to create and distribute goods and services out to the population in the most efficient way. The biggest problem faced is that products are finite while our wants and needs are infinite. Economics is considered a social science, because it studies how the choices and decisions of people affect their wants and needs.
The main two categories of economics are microeconomics and macroeconomics. Microeconomics studies how one unit in an entire economy is affected by choices and by the overarching economic system. Microeconomics deals with individuals or single businesses. Macroeconomics studies the entire overarching economic system, such as the system of the United States ecomony, or the global economy.

Question: What is the difference between micro and macroeconomics?
This graph shows how the population's wants are virtually never ending, while we have limited resources.

This video is of the song You Can't Always get What You Want by the Rolling Stones.
It represents that you can't always get what you want, and you only get what you need, because we have limited resources and unlimited wants. The study of this is the definition of economics.

Economics Defined
Economic Basics

Answer: Microeconomics is the study of the system's effect on an individual or a business, while macroeconomics is the study of the entire system.