Scribd
Upload
47 views1 page

What Is Economics?: Key Takeaways

Economics is a social science that studies how individuals, businesses, governments and nations allocate scarce resources to satisfy wants and needs. It examines how these groups make choices and organize efforts to achieve maximum output through the production, distribution and consumption of goods and services. Economics can be broken down into macroeconomics, which analyzes aggregate economic behavior, and microeconomics, which focuses on the choices of individual consumers and businesses.

Uploaded by

Fatima Tawasil
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
47 views1 page

What Is Economics?: Key Takeaways

Economics is a social science that studies how individuals, businesses, governments and nations allocate scarce resources to satisfy wants and needs. It examines how these groups make choices and organize efforts to achieve maximum output through the production, distribution and consumption of goods and services. Economics can be broken down into macroeconomics, which analyzes aggregate economic behavior, and microeconomics, which focuses on the choices of individual consumers and businesses.

Uploaded by

Fatima Tawasil
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

What Is Economics?

Economics is a social science concerned with the production, distribution, and consumption of
goods and services. It studies how individuals, businesses, governments, and nations make
choices on allocating resources to satisfy their wants and needs, trying to determine how these
groups should organize and coordinate efforts to achieve maximum output.

Economics can generally be broken down into macroeconomics, which concentrates on the
behavior of the aggregate economy, and microeconomics, which focuses on individual
consumers and businesses.

key takeaways

 Economics is the study of how people allocate scarce resources for production,
distribution, and consumption, both individually and collectively.
 Two major types of economics are microeconomics, which focuses on the behavior of
individual consumers and producers, and macroeconomics, which examine overall
economies on a regional, national, or international scale.
 Economics is especially concerned with efficiency in production and exchange and uses
models and assumptions to understand how to create incentives and policies that will
maximize efficiency.
 Economists formulate and publish numerous economic indicators, such as gross domestic
product (GDP) and the Consumer Price Index (CPI).
 Capitalism, socialism, and communism are types of economic systems.

You might also like