Economics is the study of how the different nations and people in the world work together in order to share the Earth's scarce resources in order to satisfy the unlimited wants and needs of people.

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Economics studies the decisions made by individuals, and why they choose to do what they did. It revolves around the concept that there is only a scare amount of resources in the world, and we cannot have everything that we desire. With the scare resources that we have, we must make decisions that is believed to be the "best" decision.

 

There are many scarce resources in this world. One great example is time. There is only 24 hours in a day, but there is so much that needs to be accomplished, and many ways that this time can be used. For example, say one wanted to watch Netflix shows, but they have a report due for school the next day. There is unlimited desire here, the desires are to either watch Netflix and not submit the report on time, or work on the report but not watch the Netflix shows. In this situation, economists would examine the two choices, and analyze why one may go with one choice over another. 

 

The following videos will explain the concept of economics, as well as what it is in greater detail. 

 

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