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 a broad discipline that helps us understand historical trends, interpret todayâs headlines, and make predictions about the coming years. Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics.