The word ‘economics’ is made from two Greek words, ‘eco,’ which means home, and ‘nomos,’ which means accounts. There are other views also on how the word economics is derived from the ancient Greek word oikonomia, which means the management of a family or a household. The subject of economics has evolved from being about how to keep the family accounts into the wide-ranging subject of today, where the entire globe is involved. It is primarily the study of how economic agents, societies, or countries as a whole choose to use scarce productive resources that have alternative uses to satisfy wants that are unlimited and of varying degrees of importance. The root of economics or the source of any economic problem is only one, and that is, scarcity. It is the scarcity of resources that forces economic agents to choose among different alternatives.