The allocation of scarce resources that have alternative uses.

Commonly used in text messages or social media as a short form for Very Sound Advice.

The study of choice in the face of scarcity.

Economics is a social science, that is concerned with meeting 'unlimited demands with only scarce resources'. Economics relies on the assumption that everyone wants more and more money, goods and services = we are all a bunch of greedy mo' fo's. Hence the concept is accurate, and will continue to be taught in colleges everwhere for years to come. Noteable masters include the venerable Daddy G, of Peterborough fame.

The study of fufilling ones unlimited wants using the Earth's limited resources.

a "science" created by a group of middle-aged, bearded men called "economists" to ensure that anything they say can never be proven wrong

Economics is about creating good outcomes for human beings.

Economics isn't meant to explain everything, but it is good for establishing parameters, distinguishing relationships, identifying issues, clarifying options and providing an analytical framework.