Economic & Business

Economics is the social science that systematically studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited human wants, focusing on production, distribution, exchange, and consumption of goods and services, and analyzing how choices are made under conditions of scarcity, incentives, and trade-offs.

Business is the organized effort of individuals or entities to produce, buy, and sell goods or services with the objective of creating value, satisfying customer needs, and generating profit while managing resources, risks, and operations efficiently. Essentially, it's about being busy with activities that generate income or serve a public mission, not just a single transaction but a regular process.