What is meant by economics?
Economics is the study of how people make choices in using limited resources to satisfy unlimited human needs and wants. Because resources such as money, time, labor, and natural resources are limited, people must decide how to use them wisely.
In everyday life, individuals, businesses, and governments face scarcity. They cannot have everything they want, so they must choose one option over another. Economics helps explain how these choices are made and how resources can be allocated efficiently.
Economics also studies three main economic activities:
Production: the process of creating goods and services
Distribution: the process of delivering goods and services to consumers
Consumption: the use of goods and services to meet human needs
The main goal of economics is to achieve welfare and prosperity, where people can meet their needs in the most effective and sustainable way.
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