Simply put economics is defined as the allocation of scarce resources that have alternative uses. Allocation means policies, social and governmental systems within which one vies for resources. Scarce means there’s not enough to go around. Resources are all the things in your life that make it better, whether it be the servant you hire to clean your house, the intellectual resource that you pay for when your fridge breaks, the shingles on your roof that keeps the rain off your bed or the gas that you put in our car. Alternative uses means that the resources can be used for more than one thing. A piece of wood can be used to build a piano or a house for example. But which one ought it be used for? Economics answers that question.