Economics may be defined as a science which study human behavior as a relationship between end and scarce means which have a alternative uses.

Economics can be defined as a science which studies human behavior as a relationship between scarce and ends means which have alternatives uses

Economy cam be defined as the human behavior guiding the allocation of scare resources

Economic can be define as the study of human behavior, and also shows the subject area of viewing the world

Economics is defined as the science which study human behaviour as a relationship between end and scarce means which have alternative uses



Economic can be defined as act which study human behavior

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<h2 data-type="title">Introduction: Welcome to Economics!</h2>
<h3 data-type="title">Do You Use Facebook?</h3>
<div class="wp-caption alignnone" style="width: 780px"><img alt="Photo of a smartphone with the Facebook application open" height="520" src="https://data.ulearngo.com/assets/8135055d-e5ea-4145-a44d-280bde3e37b2" width="780"/><p class="wp-caption-text">Economics is greatly impacted by how well information travels through society. Today, social media giants Twitter, Facebook, and Instagram are major forces on the information super highway. (Credit: Johan Larsson/Flickr)</p></div>
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<h3 data-type="title">Decisions ... Decisions in the Social Media Age</h3>
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<p>To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.</p>
<p>And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?</p>
<p>As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.</p>
<p>This leads us to the topic of this tutorial, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each tutorial in this book will start with a discussion about current (or sometimes past) events and revisit it at tutorial’s end—to “bring home” the concepts in play.</p>
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<h3 data-type="title">Objectives</h3>
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<p>In this tutorial, you will learn about:</p>
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<li>What Is Economics, and Why Is It Important?</li>
<li>Microeconomics and Macroeconomics</li>
<li>How Economists Use Theories and Models to Understand Economic Issues</li>
<li>How Economies Can Be Organized: An Overview of Economic Systems</li>
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<p>What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.</p>
<p>Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.</p>

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Introducing Economics

Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

Economics

Learn about the fundamental concepts and theories in economics, including scarcity, specialization, trade, and the use of models to understand economic issues, as well as the history and importance of the subject in today&#8217;s globalized world.


Introducing Economics

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