What is Economics?

what is economics

Economics is about making the best use of scarce resources to be ‘better off’. Resources to make things in an economy are scarce because they are in limited supply.

The economy must therefore use the resources wisely.

Economics is also about decision making.

Decisions are made by consumers and producers when buying and selling products. They must decide how much to buy and what price to pay.

Return to Introductory Economics Questions and Answers here.

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