You will get a variety of answers to this question because there are so many fields within the discipline of economics, but perhaps the simplest definition of economics is this one from the American Economics Association, who define it as "the study of how people choose to use resources." This involves how things are produced or made, how they are sold or traded, and how they are employed, used, or consumed. So in the end,...
You will get a variety of answers to this question because there are so many fields within the discipline of economics, but perhaps the simplest definition of economics is this one from the American Economics Association, who define it as "the study of how people choose to use resources." This involves how things are produced or made, how they are sold or traded, and how they are employed, used, or consumed. So in the end, economics is about choices that we have to make because resources of all kinds are scarce, or limited in quantity. Because this is very broad, there are different fields within economics. Microeconomics involves individual or family economic decisions. Macroeconomics involves economic theory and how economic decisions are made by societies and nations. So economics is more than just the study of money. It is the study of almost everything we do as a society--how we choose to allocate resources, what and how much we choose to consume, and how we choose to produce things, just to name a few topics.
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