Economics is the study of individual choices in the allocation of resources and how these micro-level actions interact to give rise to macro-level patterns of economic organization. The manifestation of all this activity is what we call an economy consisting of natural resources, technology, social and economic institutions. From this perspective, economics is about how people choose to spend any available resources (such as time or effort) in trying to achieve other things that they value more highly. This is both on the micro-level of the individual and on the macro-level, i.e. how organizations and society at large use scarce resources to produce valuable commodities and distribute them among people.
