Economics is the study of scarcity and how it affects how resources are used, how commodities and services are produced, how production and welfare increase over time, and a wide range of other complicated concerns that are extremely important to society. Politics, geography, mathematics, sociology, psychology, engineering, law, medicine, and business are just a few of the numerous social sciences with implications for economics. Finding the most rational and efficient way to use resources to achieve personal and societal objectives is the core purpose of economics. Production and employment, savings and investments, health, money and the banking system, international trade, industrial organisation and regulation, urbanisation, environmental issues, and legal matters (such as the creation and enforcement of property rights), are just a few examples of the many factors that affect human activity.
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