Transcription of WHAT IS ECONOMICS?
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WHAT IS ECONOMICS?
Thomson Learning Economics. The word conjures up all sorts of images: manic stock traders onWall Street, an economic summit meeting in a European capital, a somber television news anchor announcing good or bad news about the probably hear about economics several times each day. What exactlyis economics? First, economics is a social science, so it seeks to explain something about this sense, it has something in common with psychology, sociology, and politicalscience. But economics is different from these other social sciences, because of whateconomists study and how they study it.
In society’s case, the problem is a scarcity of resources—the things we use to make goods and services that help us achieve our goals. Economists classify re-sources into three categories: 1. Labor is the time human beings spend producing goods and services. 2. Capital consists of the long-lasting tools people use to produce goods and services.
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