Economics is fundamentally the study of choices we make with scarce resources that have alternative uses. There are many fields of study in economics, and a wide variety of economists. Some disciplines of economics focus on the philosophical aspects of decisions and decision making, while other economists specialize in quantitative modeling and anticipating the measurable impact of policy decisions.
There are also many schools of thought within the field of economics. The most prevalent point of differentiation between economic philosophies is beliefs about the role of free markets and government action in the pursuit of moral and economic objectives. The key virtue of economic philosophy is that it provides a language and intellectual framework to clarify our thoughts and decisions in regards to how we can achieve the best life for ourselves and our families.