ABSTRACT
Economics is defined as a “social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services,” “economic theory, principles, or practices,” and “economic aspect or significance.”2 Economics is also conceptually the examination of “wants” and “efforts” through which any derived satisfaction constitutes its very essence regarding its “continuous circle of unending wants, efforts, and satisfaction.”3 Human needs and wants are unlimited and continuous, whereas the resources through which these needs and wants are satisfied are limited and constrained. Therefore, economics examines how unlimited human needs and wants are satisfied through the availability, allocation, and provision of scarce resources through time.
