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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.

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]].

It is generally accepted that the formal study of economics began with [[Adam Smith]], in his book [[An Inquiry into the Nature and Causes of the Wealth of Nations]]. The origins of the field however, lie in the [[banking]] industry, which has developed over thousands of years.

Economics generally divides into two broad areas of study [[Macroeconomics]], which is concerned with the study of a given economy as a while, and [[Microeconomics]], which is concerned with a particular market, or firm within that economy.

Economics generally divides into two broad areas of study [[Macroeconomics]], which is concerned with the study of a given economy as a while, and [[Microeconomics]], which is concerned with a particular market, or firm within that economy.