Irritable means easy to irritate or bother.. If you have irritable skin, you get a rash from just about anything. An irritable person is not easy-going and often not very easy to be around. You might feel like you're walking on eggshells, or being extra careful not to upset your brother when he's in an irritable mood.
That being so, an economy has to decide how to use its scarce resources to give the maximum possible satisfaction to the members of the society. In doing so, an economy has to solve some basic problems called Central Problems of an economy, which are: (i) WHAT to Produce. (ii) HOW to Produce. (iii) FOR WHOM to Produce. Whatever the type of the economy or economic system, these problems have to be solved somehow. Whether it is a capitalist economy of the U.S.A. or a socialist economy of the U.S.S.R. or a mixed economy of India, every economy has to make decisions in regard to what, how and for whom to produce.
Economics can be confusing and finding a clear definition of economics can be a challenge. Most simply put, economics is the analysis of how people use the resources that are available to them. According to the American Economic Association, those resources include the time and talent people have available, the land, buildings, equipment and other tools on hand and the knowledge of how to combine them to create products and services.