Derived from the Greek word “okionomia”, economics was originally the study of “household management”. Today, economics is both art and science. The subject stems from the premise that every individual aims to maximize satisfaction, or also known as “utility”. How that utility is derived and measured is less of a concern than the primary objective to explain and predict human behaviour with the aim of maximizing satisfaction. Simply put, the subject of economics is rooted in the question of how does an individual make decisions to maximize utility when faced with limited resources and the interaction of others. This endeavour expands from the individual to society to the nation – in other words from microeconomics to macroeconomics.
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