A social science concerned with measuring and analysing the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Adam Smith identified three natural laws governing economics: 1) The Law of Self Interest—People work for their own good. 2) The Law of Competition—Competition forces people to make a better product and has led to the Division of Labour and specialisation within and between economic agents.3) The Law of Supply and Demand—Enough goods would be produced at the lowest equilibrium price to meet demand in a market economy.