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Economics is a social science concerned with how society allocates its limited resources.
Economics is a social science concerned with how society allocates its limited resources. Economists normally take a [[utilitarian]] view of the world, being more concerned with the most efficient systems than with social equity, or societal values.
It is generally accepted that economics was created as a science by [[Adam Smith]], in his book [[An Inquiry into the Nature and Causes of the Wealth of Nations]].
Examples of systems in [[macroeconomics]] are [[capitalism]], [[socialism]], and [[communism]].
Examples of systems in [[macroeconomics]] are [[capitalism]], [[socialism]], and [[communism]].
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