This is the study of allocation of scarce resources to satisfy unlimited wants. This means that since the resources are limited and the wants are unlimited, there must be an element of choice. There must be prioritization of wants such that those basic needs, which are necessary for survival, are met first. The others, which are luxuries, can only be met if there are extra resources. Economics studies various elements that determine availability and allocation of these wants. Such elements include demand, supply, prices and income. It also studies the interrelationship between these elements. It is divided into two main areas; Macro and micro economics.  Students who write cheap custom essays should consider writing some in this subject area. They can make compelling reads. This is because economics touches on the day to day life of each one of us.