Economics

Economics, according to a classical definition, is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Wikipedia:Ancient Greek oikonomia ("management of a household, administration") from oikos ("house") and nomos ("custom" or "law"), hence "rules of the house(hold)".

For the Austrian school, Economics deals in general with the action of men to satisfy their desires, and, specifically, with the process of exchange of goods as a means for each indi­vidual to “produce” satisfactions for his desires. These goods may be tangible commodities or they may be intangible personal services. The principles of supply and demand, of price determi­nation, are exactly the same for any good, whether it is in one category or the other.