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Economics is a branch of knowledge concerned with the production, consumption and tranfser of wealth. Economics is considered to be a social science, a scientific study of human society and social relationships.

Economics is about studying how people use their limited resources to satisfy unlimited wants. Economics is divided into microeconomics (Section 2) and macroeconomics (Section 3).

Microeconomics: The study of economic behaviour of households and firms, and how the price of goods and services are determined.

Macroeconomics: The study of the economy as a whole and economy-wide issues such as unemployment, inflation and growth.

Before moving into more details about the various different fields, one have to be familiar with the terminology used:

Economic growth: The increase in an economy's real level of output (all the goods and services produced) over a period of time.

Development: A process to improve the lives of all people in a country. This involves not only raising living standards through the provision of more and better quality goods and services, but the promotion of self-esteem, dignity and respect.

Sustainable development: Using resources in a way that allows future generations to meet their own needs. In terms of natural resources this means to use the resources in such a fashion that the Earth can replenish them.