You may think that economics is a big term that it has nothing to do with you. However, each day from the moment you wake up, you have associated with economics. You may ask then what is the definition of economics.
Definition of economics:
Have you ever faced any choices? For example, you only have $30, however, you want to buy both a pair of shoes and a suit, which will cost you $60. You face the scarcity of money. Scarcity is when the resources available do not satisfyl our wants. So economics is the study of choices people make when there is a scarcity.
Five factors about economics:
How? Where? What? When? and Who?
What goods and services are provided? Where are the goods and services provide? How are they provided? When are they produced? Who produce them?
These are the questions you want to ask about yourself when thinking about economics.
Knowing that you have to give up things in order to get something ( tradeoff) if is important that you make the right choice. Economic will help you with this!
