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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 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.{{fact}}

It is generally accepted that the formal study of economics began with the Scotsman [[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.{{fact}}

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