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Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
What Is Economics? Introduction. Economics is about making choices. We make all kinds of choices every day. How much should I spend on gas? What’s the best route to work? Where should we go for dinner? Which job or career should I go for?
Below, we’ve provided links to short articles that illustrate what economics is and how it connects to our everyday lives. Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making.
Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced?
1. The Definition of Economics. 2 Comments / General Articles, Micro Economics / By Mateen. What is economics? This article explains the definition of economics and the fundamental assumptions held in order to produce economic models. Share this article using: Welcome to Simply Economics.
WHAT IS ECONOMICS? Economics is the study of how we make choices in the face of scarcity and how those choices motivate behavior. THE FIELD OF ECONOMICS. As individuals, families, and nations, we confront difficult choices about how to use limited resources to meet our needs and wants.
Dec 19, 2023 · Economics is a social science concerned with the production, distribution, and consumption of goods and services. It's comprised of broader macroeconomics and...
