Introduction to Economics
What is economics?
Economics is a study. Some might insist it is a science. Others claim it to be an art. Let's compromise and say that economics is a study, an important member of the social sciences. It is a study of how people and society use resources to produce and distribute items for consumption. It deals with the understanding of money and wealth and the use of land, labor, and capital as means of turning resources into useful commodities.
Supply and Demand 1
What is Scarcity?
Scarcity is fewer resources than are needed to fill human wants and needs. These resources can be resources that come from the land, labor resources or capital resources. Scarcity is considered a basic economic problem.