Evolving technologies make the distinction between goods and services increasingly blurry, but our current economic statistics are based on such distinctions. It is an interesting time to study economics. Economies and Economics Economics is the branch of social science in which we study economies. That leaves several open questions. Before we can define what we mean by an economy, it is necessary to start at an even more basic level at the level of material life .
Material life involves the production and distribution of goods and services.
Material life is as old as humankind. Material life, of course, is only one aspect of life. The production and distribution of at least rudimentary goods and services food and shelter, for example is a precondition for the survival of human society. Although material life is necessary, it is not really an end in itself. Material life is primarily purposeful.