Economics is often called the “queen of social sciences” because it touches nearly every aspect of our lives. Whether we are deciding how to spend our pocket money, how businesses decide their pricing strategies, or how governments draft national budgets, economics plays a role.
At its heart, economics studies the relationship between limited resources and unlimited wants. Every society, whether rich or poor, faces the same fundamental problem: resources (like money, time, land, and energy) are scarce, while human desires keep growing.
For example:
- A farmer has only 10 acres of land. Should he grow wheat, rice, or cotton?
- A student has 2 free hours. Should she study, watch TV, or do a part-time job?
- A government has limited funds. Should it build highways, invest in hospitals, or strengthen defense?
Each of these situations involves economic choices.
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