Economics is the social science that studies the ways to manage the resources that exist, since they are limited, in order to satisfy the needs of individuals.
Since resources are limited and scarce, economics studies the methods of allocating them efficiently to satisfy the needs of individuals.
Economics also studies the behavior of people and the effect it has on prices, wealth, consumption, etc.
Economics is also the discipline in charge of studying the different phases of the productive process, production, distribution, exchange and consumption, that is, from the production or extraction phases to the phases in which the product or service reaches the consumer. It tries to answer the questions: what to produce, when to produce, how much to produce, for whom to produce?
The origin of the term "economy" can be found in ancient Greece, as it derives from oikos, which means house, and nomos, which means rule. Thus, the literal translation would be Administration of the house
In general, economics is divided into two main areas, macroeconomics and microeconomics.