ABSTRACT
Economics is a social science concerned with the administration of scarce resources. Resources are objects and services that are capable of satisfying human wants either directly, or indirectly by helping to produce other objects and services whose use satisfies human wants. The administration of resources does not always create economic problems. Some resources are so plentiful that they are more than sufficient to satisfy completely all the human wants which depend on them. Air, for example, is such a resource. These resources are called free resources; and there is no need for organizing their use, because any waste or inefficiency in their utilization can be made good from their excess supply and need not abridge the satisfaction of human wants.
