What Is Economics

What is Economics?

Economics is the study of how society allocates its scarce resources

Economists tend to focus on how people make decisions:

How people interact with one another
How many people work and how much do they work
What people buy
How they invest
How much money/resources do they save

Economics is very a popular course in college and even high school. Aside from those who wish to pursue a degree in economics, many students like to take courses related to this field as general educations requirements.

Economics gold coins and treasure

This section contains notes on the important concepts for students taking high school to college level economics. The beginning of this page provided a simple economics definition. However, more topics covered in this section will be listed below:

Positive Economics

Normative Economics

Absolute and Comparative Advantage

PPF
and
Circular Flow Diagram

Supply and Demand Curve

Monopoly
and
Monopolistic Competition

Gross Domestic Product

Inflation

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