Economics is the study of how people seek to satisfy their needs and wants by making choices. Cause the way how people act individually, in groups (like businesses), and through governments, economists study each of these groups. People must make such choices cause of one reason, Scarcity.

Economics is basically the social science that studies the production, distribution , and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)."

Adam Smith created economics.

Standards	Explanation Of Standards
H-SS 12.1.1	Examine causal relationship between scarcity and the need for choices.
H-SS 12.1.2	Explain opportunity cost and marginal benefit and marginal cost.
H-SS 12.1.8	Explain the role of profit as the incentive to entrepreneurs in a market economy.