Economics

The limited availability of resources are the foundation of Economics, which is concerned with the problem of using those available resources as efficiently as possible to achieve the maximum fulfilment of society's unlimited demands for goods and services. The ultimate purpose of economic endeavour is to satisty human wants for products. The problem is that although wants are virtually without limits, resources (labor, capital and natural resources) available to produce goods and services are limited in their supply. Since resources are scarce, relative to the demands they need to satisfy, mechanismss are required in order to distribute resources between individual end uses (see microeconomics), and to ensurethat all available resources are fully employed (see macroeconomics).