Concepts Of Economics
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| Definition Of Economics |
- Economics is social science which concerns with the use of scarce resources to satisfy human needs.
- On the other side, Economics is the study of the ways individuals and nations cope with problem of scarcity.
- In other words, Economics is social that deals with choices of ( individuals - business - governments - economy ) to stay their needs.
- Economics focuses on the behavior and interactions of economic agents and how economies work.
Why we study economics?
There are many reasons to study economics, of which:
- To understand the laws of supply and demand.
- To understand the global market.
- To learn how to make money.
- Understanding how to protect the effect of inflation.
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