Economics is the scientific study, description and analysis of the production, distribution and consumption of goods and services. It is deeply rooted in what is termed as the “economic problem” that is; the problem of how to make the best use of limited or scarce resources. This problem exists because, whereas people’s needs and wants are endless, the resources available to satisfy them are limited. For this reason, Economics is often referred to as the “science of scarcity”. As a Social Science, it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations which arise when scarce resources are exchanged. Though a broad discipline, Economics is primarily categorised into Microeconomics which focuses on the behaviour and interactions at the level of individuals, groups or firmvs and Macroeconomics which examines an entire economy and issues affecting it such as inflation and national income. Economists provide useful information and models (economic intelligence) upon which critical government, legal and business decisions are made. By means of research, data analysis and interpretations, Economists apply economic analysis to a wide variety of issues such as health, education, energy and business with their likely costs and benefits.