Introduction to Economics

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What is Economics?

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Economics is the study of people and their choices, considering how things are produced, distributed, and consumed.

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What does an economist do?

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An economist evaluates programs, studies human behavior, and explains social phenomena, influencing decisions from households to government policy.

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Why is economics important?

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Economics helps us understand historical trends, predict future outcomes, inform decisions, and improve resource consumption.

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What is Engineering Economy?

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Engineering Economy is the analysis and evaluation of factors affecting the economic success of engineering projects to ensure the best use of capital.

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What is Engineering?

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Engineering is a profession that uses science and math to design, build, and test machines, structures, and processes.

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What are Consumer Goods and Services?

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Consumer Goods and Services are products or services directly used by people to satisfy their wants.

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What are Producer Goods and Services?

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Producer Goods and Services are used to produce consumer goods and services or other producer goods.

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What are Luxuries?

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Luxuries are products or services desired by humans that are purchased if money is available after necessities.

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What are Necessities?

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Necessities are products or services required to support human life and activities.

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What is Demand?

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Demand is the quantity of a certain commodity bought at a certain price at a given place and time.