Economics

It concerns with using scarce (limited) resources to obtain the maximum satisfaction of the unlimited material wants of society

It is the central concept of the economics

It concerned with the behavior and activities of specific economic units (individual/ household, consumer/ producer, supply/ demand, and etc.)

it is the central concept of macro-economics

It concerned with the behavior of the economy as a whole with respect to output, income, price level, foreign trade, unemployment, and other aggregate economic variables

It is the central concept of micro-economics

"Father of Economics"

"Father of Capitalism"

Author of "The Wealth of Nations"

Also known for his concept "Laissez Faire" ("let alone") and "Invisible Hand"

It means that the state should never interfere with the private sector

"Let alone"

It is an unforeseen factors that affects the economy

Known for his concept "Law of Comparative Advantage" and "Law of Diminishing Marginal Returns"