Economics is the social science concerned with how individuals, institutions and society make optimal (best) choices under conditions of scarcity.

Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.

.............is a term normally used to describe economic systems that pertain in societies with extensive subsistence agriculture.

.............an economy in which decisions regarding investment, production and distribution are based on supply and demand and the prices of goods and services are determined in a free.rice system.

.......................... is an economic system where a government body makes economic decisions regarding the production and distribution of goods.

.................. is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.

Scare resources such as:

...................try to explain economic phenomena, to interpret why and how the economy behaves and what is the best to solution.

................is a set of rules or concepts that govern how we satisfy unlimited wants with limited resources.

Economic Model such as:

....... is concerned with decision making by individual customers, workers, households, and business firms.

.............is examines the performance and behavior of the economy as a whole.