Economics

               Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.Assuming humans have unlimited wants within a world of limited means, economists analyze how resources are allocated for production, distribution, and consumption.The study of microeconomics focuses on the choices of individuals and businesses, and macroeconomics concentrates on the behavior of the economy as a whole, on an aggregate level.One of the earliest recorded economists was the 8th-century B.C. Greek farmer and poet Hesiod who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. The publication of Adam Smith's 1776 book, An Inquiry Into the Nature and Causes of the Wealth of Nations sparked the beginning of the current Western contemporary economic theories.
An economist studies the relationship between a society's resources and its production or output, and their opinions help shape economic policies related to interest rates, tax laws, employment programs, international trade agreements, and corporate strategies.
              Economists analyze economic indicators, such as gross domestic product and the consumer price index to identify potential trends or make economic forecasts.
According to the Bureau of Labor Statistics, 36% of all economists in the United States work for a federal or state agency. Economists are also employed as professors, by corporations, or as part of economic think tanks.