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 can actually be defined a few different ways: itâs the study of scarcity, the study of how people use resources, or the study of decision-making. Economics often involves topics like wealth, finance, recessions, and banking, leading to the misconception that economics is all about money and the stock market. Actually, itâs a much broader discipline that helps us understand historical trends, interpret todayâs headlines, and make predictions for coming decades.