Welcome to another episode of my podcast.In this episode we’ll look on defining economics. Economics is defined as a social science that aims to satisfy how the society allocates it’s scarce resources to satisfy the society’s unlimited needs and wants in the most efficient way. Since resources are limited (scarce) and the needs and wants are unlimited, therefore, we can say that economics is the study of how people make choices.
EconConcept
Economics at a Glance
EconConcept
%d bloggers like this:
