Economics: 1 Definitions

This document provides an overview of the field of economics. It defines economics as the social science that studies how people and societies make choices about production, distribution, and consumption of goods and services under conditions of scarcity. It distinguishes between microeconomics, which examines individual agents and markets, and macroeconomics, which analyzes entire economies and issues like growth, unemployment, and...

This document provides an overview of the field of economics. It defines economics as the social science that studies how people and societies make choices about production, distribution, and consumption of goods and services under conditions of scarcity. It distinguishes between microeconomics, which examines individual agents and markets, and macroeconomics, which analyzes entire economies and issues like growth, unemployment, and inflation. The goal of economics is to improve living standards, and it can be applied to diverse topics where scarcity and choice are factors.