Congratulations! You just bought a new home and itâs perfect for your family â just the right size, condition, location and neighborhood to meet your needs. Your new home is part of a homeownersâ association (HOA), so the landscaping and common areas always look beautiful and well-maintained.
Economics is a social science that assesses the relationship between the consumption and production of goods and services in an environment of finite resources. A focus of the subject is how economic agents behave or interact both individually (microeconomics) and in aggregate (macroeconomics).
Economics is the study of Economic Activities. There would not be Economic Activities (such as buying and selling) if there wasn't a scarcity of the resources that are needed â¦ to satisfy everyone's wants. Economics studies how scarcity causes people to make different choices.