Understand the Definition, Nature and Scope of Economics
Economics is a social science that studies how individuals, firms, and governments allocate scarce resources to satisfy unlimited human wants. Its nature is both scientific and artistic, covering positive analysis of observable economic facts and normative prescription of desirable economic outcomes. Its scope spans two principal branches, microeconomics and macroeconomics, along with specialized fields including welfare economics, development economics, and international economics. Together, the definition, nature, and scope of economics form the intellectual foundation of every course in Managerial Economics, business strategy, and applied economic analysis.