Definition of Economics, Studying Economics

Front

They are resources available at no cost in their natural form. Examples include air, water, and sunlight.

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Free goods

Front

It focuses on studying small units of the economy, including the behavior of consumers, producers, and the market, such as the goods and services consumers want to buy and those suppliers want to provide.

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Microeconomics

Front

It examines the behavior of the entire economy, focusing on the overall activities of the government, industries, and households, with the whole economy as its main focus.

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Macroeconomics

Front

These are items that have value or a price, such as food, clothing, and shelter.

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Economic goods

Front

It involves understanding how to manage your money effectively, including budgeting, saving, and investing.

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Financial literacy

Front

It refers to the effort people make to meet their needs and wants despite limited resources.

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Economic survival

Front

It involves enhancing your skills and education to improve your life and work opportunities.

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Human capital development

Front

It is the process of making smart choices by carefully weighing the pros and cons of each option.

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Rational decision-making

Front

It involves using math and science to study and solve economic problems, helping us understand how the economy works.

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Economic analysis

Front

It is the social science that examines human behavior and practices to efficiently use limited resources to meet unlimited needs and achieve satisfaction.

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Economics