INTRODUCTION TO ECONOMICS
| Site: | Affordable learning |
| Course: | Affordable learning |
| Book: | INTRODUCTION TO ECONOMICS |
| Printed by: | |
| Date: | Thursday, 19 September 2024, 4:56 AM |
Description
Introduction to economics is a foundational exploration of how societies manage scarce resources to meet unlimited wants. It examines key principles such as supply and demand, market structures, and the role of governments in shaping economic outcomes. Economics serves as a lens through which we analyze decision-making, incentives, and the allocation of resources to improve individual and societal well-being.
1. 1.1 Meaning of economics
Economics typically refers to the study of how individuals, businesses, and societies make decisions about the allocation of scarce resources to satisfy unlimited wants