Economics is a social science that deals with human needs and their satisfaction. It is mainly concerned with the manner in which a society decides to employ its scarce resources that have substitute uses, for the production of goods for current and future consumption.
Political economy is the other name for economics. “Polis” in Greek means State. The early on writers employed the term “Political Economy” for the management of State. A person who runs a family is predictable to make the best utilization of the income of the household. Likewise, the State is expected to acquire the maximum profit for the society. Therefore the word “Political Economy”.
The presence of human needs is the beginning point of all economic activity in the world. Unless we build efforts, we cannot satisfy needs. Therefore, needs, efforts and satisfaction from the circle of economics. We might say economics is the science of requirements. However in the real world, the means that fulfill our wants are restricted, that is, there is scarcity of the means that satisfy our needs. Time and money are imperfect. And land, labor and capital that are employed in production are limited. Although science has raised our resources, our needs have also raised. We might satisfy some wants now. However soon, new wants come into view. However all our wants can’t be satisfied since means are very limited.
We study economics as there is scarcity of numerous goods we want. This trouble is common to the individual and also the State. That is why we state Economics is the science of scarcity. And scarcity is the fundamental fact of life.
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