Economics arises from a very crucial problem which is very evident today,
the resources in the world are scarce and our needs are unlimited.
It teaches us how to deal with the problem of scarcity, and equip us with the ability to efficiently use them.
Economics is all about making rational decisions, in terms of opportunity costs,
and help you make better decisions in all areas of life.
As Professor Steven Levitt, co-author of the best selling book 'Freakonomics', says, economics at its root is about the study of incentives.