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[[Economics]] is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.[http://www.britannica.com/eb/article-9109547?query=Economics&ct=] The word "economics" is from the Greek polytonic|οἶκος [''oikos''], "family, household, estate," and  νόμος [''nomos''], "custom, law," and hence means "household management" or "management of the state." An [[economist]] is a person using economic concepts and data in the course of employment, or someone who has earned a university [[degree]] in the subject. The classic brief definition of economics, set out by [http://en.wikipedia.org/wiki/Lionel_Robbins Lionel Robbins] in 1932, is "the science which studies human behavior as a relation between scarce means having alternative uses." Absent scarcity and alternative uses, there is no economic problem. Briefer yet is "the study of how people seek to satisfy needs and wants" and "the study of the financial aspects of human behaviour."

[[Economics]] is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.[http://www.britannica.com/eb/article-9109547?query=Economics&ct=] The word "economics" is from the Greek polytonic|οἶκος [''oikos''], "family, household, estate," and  νόμος [''nomos''], "custom, law," and hence means "household management" or "management of the state." An [[economist]] is a person using economic concepts and data in the course of employment, or someone who has earned a university [[degree]] in the subject. The classic brief definition of economics, set out by [http://en.wikipedia.org/wiki/Lionel_Robbins Lionel Robbins] in 1932, is "the science which studies human behavior as a relation between scarce means having alternative uses." Absent scarcity and alternative uses, there is no economic problem. Briefer yet is "the study of how people seek to satisfy needs and wants" and "the study of the financial aspects of human behaviour."

<center>For lessons on the [[topic]] of '''''Economics''''', follow [http://nordan.daynal.org/wiki/index.php?title=Category:Economics/TeaM '''''this link'''''].</center>

<center>For lessons on the [[topic]] of '''''Economics''''', follow [https://nordan.daynal.org/wiki/index.php?title=Category:Economics/TeaM '''''this link'''''].</center>

Economics has two broad branches: [http://en.wikipedia.org/wiki/Microeconomics microeconomics], where the unit of analysis is the [[individual]] agent, such as a household, firm and [http://en.wikipedia.org/wiki/Macroeconomics macroeconomics], where the unit of analysis is an economy as a whole. Another division of the subject distinguishes positive economics, which seeks to predict and explain economic phenomena, from normative economics, which orders choices and actions by some criterion; such orderings necessarily involve [[subjective]] [[value]] judgments. Since the early part of the 20th century, economics has focused largely on measurable [[quantities]], employing both [[theoretical]] models and empirical analysis. [[Quantitative]] models, however, can be traced as far back as the [http://en.wikipedia.org/wiki/Physiocractic_school physiocratic school]. Economic reasoning has been increasingly applied in recent decades to social situations where there is no monetary consideration, such as [[politics]], [[law]], [[psychology]], [[history]], [[religion]], [[marriage]] and [[family]] life, and other social interactions.

Economics has two broad branches: [http://en.wikipedia.org/wiki/Microeconomics microeconomics], where the unit of analysis is the [[individual]] agent, such as a household, firm and [http://en.wikipedia.org/wiki/Macroeconomics macroeconomics], where the unit of analysis is an economy as a whole. Another division of the subject distinguishes positive economics, which seeks to predict and explain economic phenomena, from normative economics, which orders choices and actions by some criterion; such orderings necessarily involve [[subjective]] [[value]] judgments. Since the early part of the 20th century, economics has focused largely on measurable [[quantities]], employing both [[theoretical]] models and empirical analysis. [[Quantitative]] models, however, can be traced as far back as the [http://en.wikipedia.org/wiki/Physiocractic_school physiocratic school]. Economic reasoning has been increasingly applied in recent decades to social situations where there is no monetary consideration, such as [[politics]], [[law]], [[psychology]], [[history]], [[religion]], [[marriage]] and [[family]] life, and other social interactions.