Understanding the very essence of economics starts with acknowledging its definition - it's the study of how individuals, firms, and governments make choices on allocating limited resources to satisfy their unlimited wants and needs.

In reality, resources (including time, money, and human labour) are scarce, however desires and requirements are numerous; this is what constitutes the economic problem, also known as the problem of scarcity.

Key concepts linked to the economic problem include opportunity cost, economic systems, and productivity.

Opportunity cost relates to the value of the next best alternative forgone when a decision is made. It's the "real" cost of making a choice as you're always giving up the opportunity to do or have something else.

Economics interprets the working of different economic systems like capitalism, socialism, and communism, which are solutions proposed to solve the economic problem.

Productivity is a crucial idea in comprehending the economic problem. It comprises the efficiency with which factors are used to produce goods and services.

The basic economic problem will always exist because human wants are infinite while resources are limited. This results in the need to make choices.

Economics also deals with the concept of scale and scope of business operations.

Economists employ models to understand and predict how certain factors affect the economy. These models involve making assumptions to simplify complex situations.

Economics can be broken down into two distinct areas of study: Microeconomics and Macroeconomics. Microeconomics focuses on the actions of individual agents within the economy, like households and businesses. Macroeconomics, on the other hand, looks at the economy as a whole.

The economic problem isn't only about how to use and allocate resources, but also about who should make these decisions - individuals, firms, or governments.

Solving the economic problem chiefly involves making decisions about the allocation of resources, which will always lead to some degree of societal impact.

Economics also encompasses the study of supply and demand and what effects it has on the prices of goods and services in the market.

An essential part of understanding economics includes knowing its key goals like economic growth, low unemployment, and steady inflation.

Unresolved economic problems can lead to serious societal issues, like poverty and inequality, making the subject absolutely vital in understanding society.