Economics

What is Economics? Economics: is the social science that analyzes the production, distribution, and consumption of goods and services. Production: is anything that is produced for the purpose of selling it. For example companies produce our clothes for us to buy. Distribution: refers to how money is spread out amongst society. For example citizens earn money by working. Consumption: refers to the things we buy, such as certain foods, music, clothes, cars, or services like going to the dentist or a mechanic. Economics aims to explain how economies work and how economic agents act and behave in them.

Economic Terms Supply and Demand: Supply and demand is one of the most important concepts of economics. Supply refers to how much of something a producer has or can manufacture. Demand refers to how popular an item may be and how many people want to buy.

Wants and Needs

Globalization

Globalization Globalization is a process of interaction and contact among people, companies, and governments of different nations, a process driven by international trade. This process has effects on the environment, on culture, on political systems, on economic development and prosperity.

Sustainability

Sustainability Sustainable development can be defined as the process of developing land, cities, businesses and communities so that our current needs are met without compromising the ability of future generations to meet their own needs.