The general term for Economics is “the science or study of wealth (welfare) and its production, applicable either to the individual, the family, the State, or in the widest sense, the world.”
Economics “includes the discussion of all the numerous factors which make life profitable, whether to the nation or to the business, or to the individual man.”
It is the “study of the life of communities with special reference to one side of their activity.” It involves examining the structure and organization of communities or a specific community. It includes their history, customs, laws, institutions and relationships between members. At the root of economics, “lies the conception of standard life of the community.” Economics has influenced our thoughts on liberty and dignity and encourages us to take a deeper look at the lives in communities helping us determine the conditions people live in.