Economics is the study of human behavior specifically how humans behave or deal when faced with scarcity. The study of Economics also encompasses the production, distribution, and consumption of goods and services. Scarcity comes from the fact that we as humans have infinite wants, but limited resources. Economics is the branch of social science that deals with the production, distribution, and consumption of these resources and their management. Economics comes from a Greek term that roughly translates to "rules of the household". Economics studies the transfer of goods and services.