economics

whats is economics?	scarcity	opportunity cost	production possibilities	efficiency,growth,cost

*What is Economics???* (Economics is the study of making choices.) We need economics because we as individuals and as a society experience scarcity (of raw materials, of goods and services, of time, and so on) in relationship to our ever-growing needs and wants. Economics examines how we make choices: a new car or college tuition? more hospitals or more highways? more free time or more income from work? It gives us a way of understanding how to make best use of natural resources, machinery, and people's work efforts. .
Economics helps us examine trade-offs between various goals and anticipate the outcomes of changes in governmental policies, company practices, or composition of the population, and so on. Almost all issues of public and private policy involve economics and so do your own individual choices. insufficient to satisfy all wants and needs. With Absent scarcity and alternative uses of available resources, there is no economic problem
The subject defined involves the study of choices as they are affected by incentives and resources. One of the uses of economics is to explain how economies work and what the relations are between economic players (agents) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context
The founder or Economics is Adam Smith , Smith referred to the subject as 'political economy', but that term was gradually replaced in general usage by 'economics' after 1870.The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)

What is Economics???

(Economics is the study of making choices.)

We need economics because we as individuals and as a society experience scarcity (of raw materials, of goods and services, of time, and so on) in relationship to our ever-growing needs and wants. Economics examines how we make choices: a new car or college tuition? more hospitals or more highways? more free time or more income from work? It gives us a way of understanding how to make best use of natural resources, machinery, and people's work efforts. .

Economics helps us examine trade-offs between various goals and anticipate the outcomes of changes in governmental policies, company practices, or composition of the population, and so on. Almost all issues of public and private policy involve economics and so do your own individual choices. insufficient to satisfy all wants and needs. With Absent scarcity and alternative uses of available resources, there is no economic problem

The subject defined involves the study of choices as they are affected by incentives and resources. One of the uses of economics is to explain how economies work and what the relations are between economic players (agents) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context

The founder or Economics is Adam Smith , Smith referred to the subject as 'political economy', but that term was gradually replaced in general usage by 'economics' after 1870.The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)

Principles of Economics
12.1 Students understand common economic terms and concepts and economic reasoning
12.2 Students analyze the elements of America's market economy in a global setting

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