The word economics is derived from the Greek words οἶκος (oikos; house) and νόμος (nomos; teaching) and can loosely be translated as the “study of households with scarce resources”.
Value creation is based on resources - natural resources, human resources and real capital – which are scarce and thus forces one to make careful choices of how these are employed. Economics deals with both how these resources are actually used as well as how they should be used. Economics does not only focus on how resources are put to use in single economic units, but also deals with the interaction between various units, such as companies, buyers and sellers and government authorities and private agents.
Thematically, Economics cover these topics:
• Behaviour, information and strategy
• Income, employment and welfare
• International economics
• Industry, market and competition
• Money, credit and finance
• Resources, energy and environment
• Growth and development
• Political economy