Economic Theory

Economic theory is a collection of ideas and models that attempt to explain how economies function. It provides a framework for understanding economic phenomena, such as production, distribution, and consumption of goods and services. Key Characteristics / Core Concepts Scarcity: Resources are limited, forcing choices about how to allocate them. Opportunity Cost: The value of … Read more

Economics

Economics is the social science that studies how societies allocate scarce resources to satisfy unlimited wants and needs. It examines how individuals, businesses, and governments make decisions regarding the production, distribution, and consumption of goods and services. Key Characteristics / Core Concepts Scarcity: The fundamental economic problem; there are limited resources to satisfy unlimited wants. … Read more