Economics is the social science studying production and consumption through measureable variables. It involves analysing the production, distribution and consumption of goods and services.

Economics is said to be positive when it attempts to explain the consequences of different choices given a set of assumptions and normative when it prescribes that a certain action should be taken.

The subject is broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole (including inflation, unemployment, industrial production, and the role of government). Aspects receiving particular attention in economics are resource allocation, production, distribution, trade, and competition. Economics may in principle be, and increasingly is, applied to any problem that involves choice under scarcity or determining economic value.
http://encyclopedia.laborlawtalk.com/index.php