Economics

Economics is the exchange of resources. More particularly, it has historically been the social science that deals with the production, distribution, and consumption of goods and services. Some economic theorists also add that economics deals with the theory and practice of economic management.

Historically, economics has posited that economic activity occurs when humans engage in a transaction that involves the exchange of goods and/or services between parties. This interpretation of economic activity was adequate when the human population was low and its economic activity had only a limited impact on nature. However, modernization and technology has led people to engage in economic activity in greater numbers that has led to the destruction of vast areas in nature.

Since the 1970s, economic theories have arisen that emphasize that ...