Economics is best defined as the study of scarcity, better yet, the study of how a limited number of resources can satisfy an unlimited number of wants in an economy. Economics answers the who? and what? questions in a society who will receive the goods, and what they will receive. One who studies the field of economics is called an economist.

Before we delve into the field of economics, we must differentiate between the two primary types of economics: Macro Economics (the study of one or more whole economies) and microeconomics (the study of behaviors of firms, businesses, and individuals and their decisions involving scarcity). While both fields deal directly with economics, they have obvious contrasts.