Economics

Economics, as a social discipline, is concerned with proper distribution and use of scarce resources to meet the infinite needs. In other words, the economics, is trying to answer the question of how scarce resources should be used for the production of goods and services to be consumed by the society today and in the future. Economics is 'the science of welfare' according to Adam Smith. J.S. Mill Smith goes even deeper and defines economics as 'an applied science which analyses the production and the distribution of the welfare'.