Economics

Economics is the study of how economic agents or societies chose to use scarce productive resources that have alternative uses to satisfy wants which are unlimited and of varying degrees of importance.
The main concern of economics is economic problem: its identification, description, explanation and solution, if possible. The sources of any economic problem is scarcity. Scarcity of resources forces economic agents to choose among alternatives. Therefore economic problem can said to be a problem of choice and valuation of alternatives. The problem of choice arises because limited resources with alternative uses are to be utilized to satisfy unlimited wants which are of varying degrees of importance. Had the resources not been scarce there wouldn't have been any problem of choice and hence no economic problem at all. Hence the root cause of all economic problems is 'scarcity'.